MCE Holdings gets new major shareholder after Low Chin Koon's stake exceeds 5%
MCE Holdings Bhd now has another major shareholder after an open-market share purchase lifted Datuk Low Chin Koon's stake above the 5% threshold. The development adds a new name to the automotive parts supplier's list of substantial shareholders as its shares have fallen nearly 6% year to date.
Highlights
- Low Chin Koon bought 22,000 MCE Holdings shares on Oct 30, increasing his stake to 5.004% and becoming a major shareholder.
- Based on the closing price of RM1.43 per share on the day of the purchase, Low's additional shares were worth RM31,460.
- MCE Holdings shares were unchanged at RM1.42 on Tuesday, giving the company a market capitalisation of RM219.1 million, while the shares are down nearly 6% this year.
This article was translated from the original. Read the original version by our correspondent here.
Share purchase and change in stake
According to The Edge Malaysia, as reported in a filing with Bursa Malaysia, Low, who is also the non-executive chairman of Tex Cycle Technology (M) Bhd, bought 22,000 MCE Holdings shares on the open market on Oct 30, increasing his stake to 5.004% from the 7.701 million shares he previously held.Based on MCE Holdings' closing price of RM1.43 per share on the trading day, the newly purchased shares were worth RM31,460. With his stake exceeding the 5% threshold, Low became a major shareholder in the company.
Low, 46, is also an independent non-executive director of Mestron Holdings Bhd, K Seng Seng Corporation Bhd and Prolexus Bhd.
Shareholder structure and share performance
MCE Holdings' largest shareholder is Dulcet One Holdings Sdn Bhd, with a 17.346% stake, followed by Woo Chiew Loong with 7.59%. Executive director and group managing director Dr Goh Kar Chun holds a 5.224% direct interest and a 2.126% indirect interest.Founded by the Goh family, MCE Holdings was listed in 1996. The company's shares were unchanged at RM1.42 on Tuesday, giving it a market capitalisation of RM219.1 million, while its year-to-date performance shows that the shares have fallen nearly 6%.
In our previous coverage of Big Caring Group's IPO Bhd, we wrote that the pharmaceutical group was nearing a listing on Bursa Malaysia's Main Market after signing a retail underwriting agreement with several investment banks. The article also detailed the offering structure of up to 1.9 billion shares (including new shares and existing shares offered for sale), as well as how the listing proceeds are expected to support the group's network expansion and operational plans.
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