KUALA LUMPUR (April 8): Datuk Kang Pang Kiang, chief executive officer of EG Industries Bhd, has emerged as a substantial shareholder in Eduspec Holdings Bhd.

According to the filing on Bursa Malaysia, Kang mopped up 24 million shares of Eduspec on Monday. Based on the closing price of 12 sen, the block of shares was estimated to be worth around RM2.88 million.

Following the shares acquisition, Kang now owns 142.26 million shares or a 12.11% stake in the education technology products and services provider.

Apart from Kang, the only other substantial shareholder in Eduspec is Datuk Seri Gan Chow Tee, with a 7.65% stake.

Notably, Kang's emergence as a substantial shareholder in Eduspec comes less than a month after the company secured a RM30 million contract from EG Industries to provide testing services for its 5G optical modules and other related components.

Kang also holds the largest stake in EG Industries, with a 15.71% stake in the electronic manufacturing services firm.

Eduspec reported a net loss of RM1.45 million in the third quarter ended Feb 29, 2024 (3QFY2024), compared to a net profit of RM3.69 million a year ago, primarily due to the absence of non-recurring gains from the disposal of subsidiaries and associates reported in the corresponding quarter of the previous year.

However, quarterly revenue increased by 56% to RM3.55 million from RM2.28 million, driven by higher programme income and Digital School Solutions (DSS) income resulting from the progressive resumption of schools.