Co-founder Dino Ng ceases to be substantial shareholder of Revenue Group

KUALA LUMPUR (March 27): Revenue Group Bhd’s former executive director and co-founder Dino Ng Shih Fang has ceased to be a substantial shareholder of the group after offloading 53.95 million shares or a 11.19% stake.

Following the disposal, Dino is left with 15.3 million shares or a 3.17% stake in the e-payment solutions provider, based on prior bourse filings.

Dino co-founded Revenue with Datuk Eddie Ng Chee Siong, as well as his brother Brian Ng Shih Chiow in 2003.

With this, all three co-founders of Revenue have ceased to be substantial shareholders in the group. All three had also left the board in the past two weeks.

Last week, Dino and Brian resigned from Revenue’s board, saying they did not want to be on the same board as the current directors. Brian ceased to be a substantial shareholder back in February after he transferred 55.5 million shares to Dino.

As for Eddie, he resigned from his managing director post on March 14, citing personal reasons, after ceasing to be a substantial shareholder of the group.

In January this year, a rift unfurled between the Ng brothers and Eddie after the board suspended the executive functions of Dino and Brian.

The group became entangled in a boardroom tussle between the two factions, with each calling for extraordinary general meetings (EGM) to be held in February to remove the other.

However, neither EGM was held after a court order restrained the group from proceeding with either meeting, pending the determination of an interim injunction application filed by Brian and Dino.

Now all three co-founders of the group no longer sit on its board and have also all ceased to be substantial shareholders.

Revenue’s remaining substantial shareholders are Francis Leong Seng Wui with 27.14 million shares or a 5.63% stake, and executive director Teh Chee Hoe with 26.31 million shares or a 5.46% stake.

Both emerged as substantial shareholders last week after the Ng brothers and Eddie exited the board.

Teh also sits on the board of Willowglen MSC Bhd, while Leong sits on the boards of Classita Holdings Bhd and Green Packet Bhd.

Revenue’s board currently comprises chairman Nor Azzam Abdul Jalil, Teh and directors Ng Chee Keong, Jade Lee Gaik Suan, Kamari Zaman, Azman Hisham, Chandera Sekaran, Krishnan Dorairaju and Datuk Lisa Tang Ngat Ngoh.

Of the board members, Teh, Lee, Kamari, Azman, Chandera, Krishnan and Tang were appointed this year.

Shares in Revenue closed one sen or 3.64% lower at 26.5 sen, giving the group a market capitalisation of RM125.5 million.