Sunny Tsai stays as Chin Well Holdings MD

KUALA LUMPUR: Carbon steel fastener manufacturer Chin Well Holdings Bhd has clarified that its Managing Director Sunny Tsai Yung Chuan remains as the major shareholder via a 52.9% equity stake through its holding company Benua Handal Sdn Bhd.

Sunny Tsai and family members previously held a 67.4% equity stake in Benua Handal, while his brother Tsai Yung Yu, who is also a co-founder of Chin Well Group, held the remaining 32.6%, the company said in a statement on Wednesday.

"On June 22, 2015, Tsai Yung Yu transferred his 32.6% holding in Benua Handal to Sunny Tsai's immediate family members, thus resulting in Tsai Yung Yu ceasing to be a substantial shareholder of Chin Well.

"The announcement to Bursa Malaysia on the cessation of a substantial shareholding of Tsai Yung Yu in Chin Well was made on June 22. Direct substantial shareholding of Chin Well prior to the announcement retains the status quo," it added.- Bernama