KUALA LUMPUR (June 15): Rubber compound manufacturer GIIB Holdings Bhd executive chairman and chief executive officer Tai Boon Wee has ceased to be a substantial shareholder of the company after he transferred 45.81 million of his shares to his son, Tai Qisheng — who is executive director of the company — via an off market transaction on Tuesday (June 13).

The number of shares represents a 7.748% stake in the company, according to GIIB's filing with Bursa Malaysia on Thursday.

Following the transfer, Qisheng, 36, now holds 67.69 million shares, or an 11.45% direct stake, in GIIB. Boon Wee, meanwhile, is left with 9.6 million shares or a 1.62% equity interest.

Earlier, in a separate filing, GIIB said the Sessions Court here has set Jan 15 to 17, 2024 as trial dates to hear four charges against Alice Wong Ping Kiong and three charges against Boon Wee for an offence related to Section 18 of the Malaysian Anti-Corruption Commission (MACC) Act 2009 for allegedly furnishing fake documents to its external auditor Grant Thornton Malaysia PLT.

Wong is executive director of GIIB's unit GIIB Rubber Compound Sdn Bhd.

On May 31 this year, Boon Wee was remanded by the MACC, together with two executive directors who were remanded by MACC a day earlier. The directors were issued with notices requesting them to assist in an ongoing investigation in relation to issuance of an invoice and proceeds banked into GIIB's account, inflation of debts of a subsidiary in a Bursa announcement, and unauthorised payments to persons unknown. GIIB named Tai Qiyao and Wong as the directors involved in the investigation.

The directors have denied the allegations.

GIIB shares closed unchanged at 9.5 sen on Thursday, giving the group a market capitalisation of RM56.17 million. Its share price had fallen 5% year to date.

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