New substantial shareholder in GPlus

KUALA LUMPUR: Golden Plus Holdings Bhd, whose board is embroiled in a boardroom tussle with two other parties, saw the emergence of a new substantial shareholder.

A filing with Bursa Malaysia showed Lai Su-Chen, a Taiwanese national residing in Singapore, emerging with 5.06% stake.

The stake, representing 7.42 million shares, was acquired on May 27.

The two parties opposing GPlus’ board are Indian Corridor Sdn Bhd and Pembangunan Qualicare Sdn Bhd, which collectively held 19.75% of GPlus.

Last December, Indian Corridor and Pembangunan Qualicare objected management agreement signed between GPlus' unit Yanfull Investments Ltd and Hong Kong's China Idea Development Ltd (CIDL).

The two companies claimed to have ousted the incumbent board of directors following an EGM last week.

Meanwhile, Bursa Malaysia Securities has rejected the company’s request for more time to submit their first quarter results ended March 31.

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