KUALA LUMPUR (Feb 9): Ta Win Holdings Bhd’s managing director Datuk Seri Ngu Tieng Ung has emerged as Khee San Bhd’s largest substantial shareholder, according to the candy maker’s filings on Thursday (Feb 9).

This came after Khee San director Datuk Mohamad Razali Mohamad Rahim ceased to be the candy maker’s major shareholder on Thursday, having offloaded all 22.8 million shares, or a 16.667% stake, by way of a direct business transaction at 13 sen apiece, or RM2.97 million in total.

Ngu bought that block of shares through Timur Enterprise Sdn Bhd, raising his stake in Khee San to 16.754%.

This makes Ngu the single largest shareholder of Khee San, while founder of security seal manufacturer Mega Fortris Malaysia Sdn Bhd, Datuk Dr Ng Meng Kee, holds a 12.42% stake.

According to Ta Win’s annual report, Ngu has close to two decades of experience as an accountant-turned-entrepreneur and a venture capitalist with specialisation in corporate finance, business consultancy, investment banking and venture capital.

He has direct and indirect stakes of 0.56% and 13.6% respectively in Ta Win, which is involved in the manufacturing and sale of copper wires and copper rods.

Khee San slipped to Practice Note 17 status in November 2021, after its wholly owned subsidiary Khee San Food Industries Sdn Bhd was placed under judicial management following an application by Maybank Islamic Bhd to put the unit under court-supervised restructuring.

The company has until May 17 to submit its regularisation plan to the relevant authorities for approval. It incurred a higher net loss of RM2 million for 1Q ended September 30, 2022 against RM1.89 million in the same quarter a year ago.

Khee San’s shares jumped three sen or 21.43% to 17 sen on Thursday, translating into a market capitalisation of RM23.34 million.