KUALA LUMPUR (Aug 12): Sycal Ventures Berhad (KL:SYCAL) said Loh Chen Yook has emerged as a substantial shareholder with a 6.82% stake in the contractor cum property developer.

Loh, who held 28.39 million shares in Sycal Ventures, raised his stake by more than 5% after the purchase of eight million shares on the open market last Friday.

Loh is the chairman of polymeric products manufacturer Karyon Industries Bhd (KL:KARYON), and sits on the board of Enra Group Bhd (KL:ENRA) as independent non-executive director.

Loh also owns a 3.45% shareholding, or 16.42 million shares, in Karyon Industries and a 3.75% stake, or 5.57 million shares, in Enra Group.

In 2015, Datuk Kamaluddin Abdullah — son of former prime minister Tun Abdullah Ahmad Badawi — and Datuk Mazlin Junid, former president and chief executive officer (CEO) of Daya Materials Bhd, emerged as controlling shareholders in Enra.

According to the directors’ profile, Loh possesses experience in the property development, infrastructure and building construction, as well as the timber logging business through his involvement in the industry over the past 44 years.

Sycal Ventures’ other substantial shareholders include West Emerald Isle Sdn Bhd (23.08% stake) controlled by Chua Seng Oun and Chua Seng Boon, Datuk Seow Yong Chin (8.17%) and Westhill Capital Sdn Bhd (6.89%) controlled by Hew Kok Long and Teo Kok Keong.

Sycal Ventures’ financial track-record has not been outstanding. For the past five financial years, its profit after tax has been meagre despite posting large revenue numbers.

Shares of Sycal Ventures closed unchanged at 21.5 sen on Monday, giving it a market capitalisation of RM89.5 million. The historical price-to-earnings ratio of the stock is 44.8 times, based on trailing 12-month earnings per share of 0.48 sen. The group has not been paying any dividend.