KUALA LUMPUR (March 31): Computer Forms (M) Bhd’s largest and controlling shareholder Datuk Seri Jacky Pang Chow Huat has ceased to be a substantial shareholder after undertaking hefty disposals this week.
According to bourse filings, Pang offloaded an aggregate of 133.16 million shares or a 49.76% stake in Computer Forms this week.
On Monday (March 27), he sold 78.52 million shares or 29.35% via two open market transactions. This was followed by another open market disposal of 54.63 million shares or 20.42% on Friday (March 31).
On the same day, Computer Forms notified the bourse that after the latest disposal, Pang ceased to be a substantial shareholder of the group.
Based on back-of-the-envelope calculations, Pang is left with a 4.49% stake or 12.01 million shares.
Prior to the transactions, Pang was Computer Forms’ largest shareholder with 145.17 million shares or a 54.25% stake. The company is principally involved in printing and distributing computer forms, stock forms and specialised forms.
Computer Forms' remaining substantial shareholders are Cita Realiti Sdn Bhd with a 7.78% stake, followed by Arena Evolusi Sdn Bhd with 5.47%.
Pang is also the founder and managing director of Sanichi Technology Bhd.
Earlier this month, Bursa Malaysia had issued Computer Forms an unusual market activity query after its share price plunged 29.72% to close at RM1.49 on March 8.
In response to the bourse regulator’s query, the company said it was unaware of any reason, rumours or report which could have driven the sharp decline in its share price.
Last year, Pang failed in his bid to take over Computer Forms at 60 sen a share. When he made the offer on March 31 last year, he held a 64.97% stake after acquiring former major shareholder Tan Sri Tan Hua Choon’s 133.19 million shares.
Shares in Computer Forms closed one sen or 4.44% lower at 21.5 sen on Friday, giving the company a market capitalisation of RM57.53 million. Year to date, the counter has fallen by 91.47%.