Taghill loses substantial shareholder after former CEO disposes of 30 million shares
A change in shareholdings at Taghill Holdings Bhd occurred after its former chief executive officer no longer met the substantial shareholder threshold following an off-market share sale. The move reduced Ng Wai Hoe's combined direct and indirect stake to 4.77% from 6.7%, while the construction company's shares closed unchanged at 6.5 sen.
Highlights
- Former CEO Ng disposed of 30 million shares, or a 1.93% stake, in Taghill Holdings Bhd in a block transaction on 16 Oct, losing his substantial shareholder status.
- The block of Taghill shares was sold at five sen per share, a 23.08% discount to the 6.5 sen closing price, with a value of around RM1.5 million.
- Mbuild Venture Sdn Bhd remains Taghill's largest shareholder with a 22.86% stake; Taghill shares closed unchanged at 6.5 sen, giving it a market capitalisation of RM93.93 million.
This article was translated from the original. Read the original version by our correspondent here.
Transaction details and changes in shareholding
As reported by The Edge Malaysia, citing the group's exchange filing on Monday, Ng disposed of 30 million shares, equivalent to a 1.93% stake, in an off-market transaction last Friday, 16 Oct. The disposal resulted in him ceasing to be a substantial shareholder of Taghill Holdings Bhd.The transaction price was not disclosed in the filing. However, Bloomberg data showed that the block of shares was sold at five sen per share, a 23.08% discount to Taghill's closing price of 6.5 sen last Friday, valuing the disposal at around RM1.5 million.
Implications for ownership and the company's position
Ng resigned as Taghill's CEO and executive director, then known as Siab Holdings Bhd, in June last year for personal reasons. He was first appointed to the board in December 2020 as managing director before being reappointed as CEO and executive director in September 2024.Taghill's largest shareholder is Mbuild Venture Sdn Bhd, with a 22.86% stake in the group. Mbuild Venture is controlled by Taghill managing director Wong Yih Ming, as well as executive directors Chu Yee Hong and Yap Kek Siung.
Taghill shares ended Monday's trading unchanged at 6.5 sen, giving the group a market capitalisation of RM93.93 million.
In our previously reported Bursa corporate market roundup, investor attention focused on several key developments, including corporate financing issues, the use of rights issue proceeds and approvals for large-scale data centre projects. The report also highlighted how a combination of corporate news and policy can influence sector sentiment and investors' assessment of companies' financial positions.
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