SEGi group managing director Datuk Seri Clement Hii Chii Kok has emerged as a substantial shareholder in SYF Resources Bhd after buying 27.1 million shares or 10.01% in the furniture maker.
Filings to Bursa Malaysia showed that Hii, who recently made a mandatory general offer (MGO) to privatise education outfit SEGi together with Navis Capital Investment Ltd, made the purchase yesterday via his private investment vehicle, HCK Equities Sdn Bhd.
According to stock market data, the off-market transaction was done at 50 sen per share.
On the same day, Datuk Eric Ong Kook Liong, a substantial shareholder in the firm with 19.7 million shares based on SYF's latest annual report, disposed of 11 million shares, information from the stock exchange website showed.
Hii, when contacted by StarBiz, said the main reasons why he was investing in SYF was because he “had confidence” in SYF executive chairman and chief executive officer Ng Ah Chai, whom he described as “hands-on.”
“SYF has plans to fine-tune its business model, which includes going upstream, and it intends to add on new revenue streams soon,” Hii said.
Having recently completed a restructuring scheme, SFY said in its annual report that in line with its strategy to seek new opportunities for growth, the group intended to diversify into property development either in collaboration with other parties or by direct acquisition of suitable land bank.
The company made a net profit of RM3.2mil for its second quarter ended Jan 31 on revenue of RM42.2mil.
Shares in SYF finished yesterday 0.5 sen higher at 50 sen while its warrants ended flat at 18 sen.
Source: www.thestar.com.my
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