KUALA LUMPUR (April 9): TWL Holdings Bhd said Low Swee Foong has ceased to be its substantial shareholder after disposing of 76.83 million shares in the property development and construction firm.

In a bourse filing on Tuesday, TWL Holdings said the open market transaction occurred on April 4. Based on the closing price of three sen on that day, the transaction would be worth about RM2.3 million.

Low previously held 266.29 million shares, representing a 6.09% stake, in TWL Holdings, as disclosed by the group to the stock exchange on Aug 7 last year.

Following the latest transaction, Low's shareholding in TWL Holdings has decreased to 189.46 million shares or 3.32%, falling below the 5% threshold required for substantial shareholding status.

According to TWL Holdings' 2022 annual report, TWL Capital Bhd, the private vehicle of the group's executive chairman Datuk Tan Wei Lian and his spouse Datin Sek Chian Nee, as well as his sister Tan Lee Chin, controls a direct shareholding of 15.64% in the group.

The executive chairman also holds a direct shareholding of 10.03%, and Sek holds a direct shareholding of 5.66%.

TWL Holdings reported a net profit of RM5.59 million for the six months ended Dec 31, 2023, compared to a net loss of RM4.64 million in the previous corresponding period, driven by higher revenue.

Revenue for the six-month period surged 74.29% to RM16.17 million from RM9.28 million previously.

Shares in TWL Holdings remained unchanged at three sen on Tuesday, valuing the group at RM171.24 million.