CEO Morning Brief

Magna Prima Sees New Substantial Shareholders

edgeinvest
Publish date: Tue, 01 Oct 2024, 10:09 AM
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TheEdge CEO Morning Brief
Datuk Seri Wong Sze Chien and Seah Ley Hong have emerged as substantial shareholders of property developer Magna Prima Bhd after they acquired 95 million shares or a 23.91% stake through their private vehicle Edxus Solutions Sdn Bhd on Sept 27.

KUALA LUMPUR (Sept 30): Datuk Seri Wong Sze Chien and Seah Ley Hong have emerged as substantial shareholders of property developer Magna Prima Bhd (KL:MAGNA) through their private vehicle, Edxus Solutions Sdn Bhd.

On Sept 27, Edxus Solutions acquired 95 million shares or a 23.91% stake in Magna Prima via a direct business transaction, its filings with the stock exchange showed. However, the acquisition price was not disclosed.

Following the acquisition, Edxus Solutions now holds 26.93% of Magna Prima, being the largest shareholder. Magna Prima’s other substantial shareholders include Lee Hock Seng (12.74%) and Joanne Yew Hong Im (6.54%).

Worth noting is that Wong is the largest shareholder in construction company Tafi Industries Bhd (KL:TAFI) with direct and indirect stakes of 2.73% and 54.5% respectively. He also owns direct and indirect stakes of 1.68% and 10.85% in plastic manufacturer Scanwolf Corp Bhd (KL:SCANWOLF).

Seah, on the other hand, has direct and indirect stakes of 4.68% and 7.01% in Scanwolf.

On the same day (Sept 27), Magna Prima executive director Tan Chin Yen ceased to be a substantial shareholder after disposing of 64.78 million shares or a 16.94% stake via an off-market transaction for RM51.82 million.

Also, Fantastic Realty Sdn Bhd disposed of 39.85 million shares or a 9.98% stake on Sept 26 and 27, thereby reducing its stake in Magna Prima to 7.69%.

Magna Prima recently reported a turnaround in its financial performance, posting a net profit of RM31.91 million for the second quarter ended June 30, 2024 (2QFY2024), compared to a net loss of RM1.57 million in the same period last year.

The company attributed the improved earnings to profit derived from the development of its Jalan Ampang land and a reversal of prior-year operating expenses.

Shares of Magna Prima settled half a sen or 0.72% higher at 69.5 sen, giving the company a market capitalisation of RM277.41 million.

Source: TheEdge - 1 Oct 2024

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