Cuscapi reports board changes as director resigns in Malaysia
Cuscapi Bhd made several board changes on Thursday as the company continued to restructure its leadership and shareholding. The moves included the resignation of Datuk Jayakumar Panneer Selvam and the appointment of a new independent director, following the emergence of a new major shareholder last month.
Highlights
- Jayakumar resigned as a non-independent non-executive director of Cuscapi with immediate effect, with a 0.32% direct stake and a 1.89% indirect stake.
- Wong Thean Soon disposed of his major stake in Cuscapi, with Tan Boon Seng replacing him as a new major shareholder as of Sept 11.
- Cuscapi proposed a private placement of up to 94.49 million shares to raise RM4.55 million, with a current market capitalisation of RM38.27 million and the share price holding steady at 4.5 sen.
This article was translated from the original. Read the original version by our correspondent here.
Board and shareholding changes
As reported by The Edge Malaysia, citing a Bursa filing, Jayakumar, 60, resigned as a non-independent non-executive director of Cuscapi with immediate effect, citing personal commitments.He had previously served as Cuscapi’s executive chairman since June 2018 before being redesignated as a director on Sept 8 this year. Jayakumar holds 2.98 million shares directly in Cuscapi, representing a 0.32% stake, and a further 17.88 million shares indirectly, representing a 1.89% stake.
As of Sept 11, Zetrix AI Bhd managing director Wong Thean Soon, or TS Wong, was a major shareholder in the company. The disposal of his shares brought in a new major shareholder, Tan Boon Seng.
Corporate implications and current position
Cuscapi also appointed Datuk Sham Shamrat Sen Gupta as an independent non-executive director on Thursday. Sham has been chief executive officer of S&S Quest Resources Sdn Bhd since 2010, a G7 Bumiputera company primarily involved in civil construction and management consulting, and is also chairman of boutique financial advisory firm VIVOS Malaysia.Last month, Cuscapi proposed a private placement of up to 94.49 million new shares to raise up to RM4.55 million for working capital. Cuscapi shares closed unchanged at 4.5 sen on Thursday, giving the group a market capitalisation of RM38.27 million.
Bursa Malaysia midday trading highlights that we reported earlier brought together several counters flagged for unusual price and volume movements by a proprietary algorithm. In that article, we emphasised that these positive or negative momentum signals are merely indicators of market movements (not buy or sell recommendations) and are typically temporary, while also providing fundamental and valuation scores to help readers assess the counters involved.
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