Tiong Nam Logistics restructures family shareholdings as founder’s wife ceases to be a substantial shareholder

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Tiong Nam share restructuring

Highlights

OFG Capital (L) Foundation and OFG Sdn Bhd now hold a 27.04% indirect interest in Tiong Nam after acquiring TNTT Realty and Renitrans on 14 August.
Ong’s total shareholding in Tiong Nam fell from 53.4% to 52.06%, while Yong is no longer a substantial shareholder, holding only a 1.29% direct stake.
The group reported that first-quarter net profit tripled to RM13.41 million, revenue rose 13.8% to RM268.73 million, and the shares closed at 78 sen, giving it a market capitalisation of RM411.7 million.

This article was translated from the original. Read the original version by our correspondent here.

Shareholding changes through two OFG entities

As reported by The Edge Malaysia, the group’s stock exchange filing on Friday showed that OFG Capital (L) Foundation and OFG Sdn Bhd became substantial shareholders after acquiring 100% ownership of TNTT Realty Sdn Bhd and Renitrans Sdn Bhd on 14 August, giving them an indirect interest of 27.04%.

Ong’s direct interest in the group remained at 25.02%, but his indirect interest declined from 28.38% to 27.04%, held through the two OFG entities, after his deemed interest in shares held by Yong and their child, deputy managing director Ong Wei Kuan, ceased on Wednesday, 7 October.

As a result, Ong’s total shareholding fell from 53.4% to 52.06%. Yong, who is also the group’s executive director, is no longer a substantial shareholder after her deemed indirect interests in TNTT Realty, Renitrans, her husband and her child were all removed, leaving her with a direct stake of 1.29%. No other reason was given for the change in shareholdings.

Operating outlook and share price movement

Among other notable recent changes in ownership was the emergence of Teo Kwee Hock as a new substantial shareholder with a total stake of 5.01% on 17 July. Teo subsequently increased his stake gradually to 5.58% as of Friday.

The group recently reported that net profit for the first quarter ended 30 June 2026 more than tripled to RM13.41 million from RM3.98 million a year earlier, while revenue rose 13.8% to RM268.73 million.

Tiong Nam expects its logistics and warehousing businesses to perform positively in the financial year ending 31 March 2027, supported by demand from existing and new customers as well as additional warehouse capacity that has commenced operations. Tiong Nam shares closed unchanged at 78 sen at the close of trading on Friday, giving the group a market capitalisation of RM411.7 million, while the stock was down 8.24% from a year ago.

In our previous report on share disposals by Zetrix AI Bhd’s managing director, we examined how continued sales—partly driven by margin pressure—had reduced Wong Thean Soon’s stake and affected his position as a substantial shareholder. We also discussed the impact of the share price decline on the company’s market capitalisation, as well as the implications for the group’s bond covenants and credit rating.

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