Heng Huat executive director Ng Chin Nam emerges as substantial shareholder

KUALA LUMPUR (March 2): Heng Huat Resources Bhd executive director Ng Chin Nam has emerged as a substantial shareholder in the group following the acquisition of a 6.071% stake.

He bought the stake, comprising 37.06 million shares, via Polargas Sdn Bhd on Wednesday (March 1), according to the group’s filing on Thursday.

The purchase price was not disclosed, but based on Heng Huat's closing price of 52 sen on Wednesday, the stake would have cost Ng RM19.27 million.

Ng now becomes the third largest shareholder in the group, after GH Consortium (27.93% stake) and CFamilie Hold Sdn Bhd (20.17% stake), Bloomberg data showed.

Heng Huat is principally involved in the manufacturing and trading of biomass material and value-added products, focusing on oil palm empty fruit bunch fibre, coconut fibre and value-added products.

It also manufactures and distributes its own brands of mattresses and bedding accessories, and has ventured into furniture and property segments.

Heng Huat’s net profit for the nine months ended Dec 31, 2022 more than doubled to RM17.39 million from RM6.96 million a year earlier, as revenue jumped 65.86% to RM121.04 million from RM72.98 million.

At Thursday’s closing bell, Heng Huat’s share price was down 1.5 sen or 2.88% to 50.5 sen, giving it a market capitalisation of RM403.51 million.