KUALA LUMPUR (Dec 7): LFE Corp Bhd has seen a change in the ownership of an 8.87% stake in the construction and mechanical and electrical (M&E) services group held through Resolute Accomplishment Sdn Bhd.

According to the group's bourse filing on Thursday, LFE executive chairman Chuah Chong Ewe acquired the stake, comprising 98.37 million shares on Monday, while another filing showed that Audrey Chua Mei Ling had disposed of the same amount of LFE shares held through Resolute Accomplishment.

Based on the closing price of 18.5 sen on Monday, the transaction would be worth RM18.19 million.

Audrey Chua acquired the shares on May 25 when LFE issued new shares to partially fund the acquisition of the remaining 49% stake in its 51%-owned construction firm Cosmo Property Management Sdn Bhd.

Based on LFE's last disclosure on Chuah’s shareholding, he held a 3.504% direct stake and 1.584% indirect stake.

The latest shareholding change may have bumped up his indirect stake to over 10%, back-of-envelope calculations showed, though his aggregate shareholdings were not updated on the stock exchange yet.

LFE's net profit for the third quarter ended Sept 30 jumped fivefold to RM2.74 million, from RM527,000 in the previous year’s corresponding period, primarily attributed to additional revenue generated from the property development segment. Quarterly revenue doubled to RM30.97 million from RM14.66 million.

Shares in LFE settled 0.5 sen or 2.86% higher at 18 sen on Thursday, valuing the group at RM194.01 million.