KUALA LUMPUR (Sept 4): Loss-making Ocean Vantage Holdings Bhd (KL:OVH) has announced the emergence of three new Sarawak-based substantial shareholders, following the disposal of a collective 23.32% stake by executive directors Martin Philip King Ik Piau and Yau Kah Tak, and one other.

The three new shareholders, based in Kuching, are Majuco Motor Sdn Bhd (10% or 41.99 million shares), Pertanian Teguh Jaya Sdn Bhd (7.75% or 32.54 million shares) and Resources Hub Logistics Sdn Bhd (5.57% or 23.39 million shares).

With the announcement, Majuco and Pertanian Teguh Jaya are now the largest and second largest shareholders in Ocean Vantage.

Two existing substantial shareholders in the oil and gas services outfit are chief financial officer (CFO) Chang Vun Lung (29.46 million shares, or 7.02%) and managing director Kenny Ronald Ngalin (21.02 million shares, or 5.01%).

Ik Piau, Yau, as well as Ik Piau’s sister and Yau’s spouse Mary King Siaw Ning sold the 23.32% stake on Monday via off-market trade at 20.4 sen per share or RM19.98 million.

The transacted price was 16.57%, or a 2.9 sen premium to the closing price of Ocean Vantage at 17.5 sen a share.

The transaction values Ocean Vantage at RM85.67 million, compared with its market capitalisation of RM73.49 million.

Ocean Vantage, which is a Sarawak-based oil and gas integrated support services provider, was listed on the Ace Market of Bursa Malaysia in July 2020.