Fong no longer SKH Consortium’s substantial shareholder

KUALA LUMPUR: Fong Siling, who surfaced as the second largest shareholder of information technology firm SKH Consortium Bhd in April with a 5.41% stake, has ceased to be a substantial shareholder.

A filing with Bursa Malaysia showed that he had disposed of 10 million shares - a third of his shares - in the open market yesterday (Tuesday).

Fong had bought the shares on April 6, when the counter closed at 14 sen - up 87% from just a week earlier.

Today (Wednesday), SKH shares closed at 11 sen, 1 sen lower than the previous day, with 44.535 million shares done.

SKH Consortium, which has diversified into the property construction sector to mitigate its reliance on the information and communications technology sector,  posted group earnings of RM1.55mil for the financial year ended March 31, 2017, compared with a loss of RM20.57mil in the preceding year.

However, for the first quarter ended June 30, 2017, it incurred a loss attributable to shareholders of RM5,000 versus earnings of RM207,000 a year earlier.

This was mainly due to the absence of a new contract secured by the construction division and the temporary cessation of its managing contractor work for a mixed development project on 12.14ha in Kemaman for one year (starting May 11) as requested by the customer. The contract has a value of RM192mil.