Prestar undertakes internal reorganisation

PRESTAR RESOURCES BHD STEEL ROLLS READY TO BE SHEARED AT ITS RAWANG PLANT.

KUALA LUMPUR: Prestar Resources Bhd is undertaking an internal reorganisation which has seen the reshuffling of the Toh family members’ ownership in the steel-related product maker.

In various filings on Friday, Prestar announced that seven members of the Toh family, including three brothers of group executive chairman Toh Yew Keat on the board, had ceased to hold interests in Prestar’s biggest shareholders, Fabulous Essence Sdn Bhd (FESB) and YK Toh Property Sdn Bhd (YKTP). 

FESB and YKTP together control a 36.93% stake in Prestar.

The abovementioned Toh brothers who ceased to be FESB and YKTP shareholders are Yew Kar, Yew Seng and Yew Chin. Excluded is Prestar group managing director, Datuk Toh Yew Peng.

In a statement to clarify the changes, Prestar said they ceased to have interests in FESB and YKTP after “the internal reorganisation and streamlining efficiency in FESB and YKTP and not due to their disposal of shares in FESB and YKTP.”

“The aforesaid directors and/or shareholders of the company have no intention to dispose their shares in FESB and YKTP in the foreseeable future,” the company said without elaborating.

A table that is included with the statement shows that the seven shareholders - including the chairman’s sister Toh Poh Khuan (Prestar Marketing Sdn Bhd executive director), another brother Toh Yew Keong plus two nephews - no longer hold indirect shares totalling 36.93% in Prestar but retain their direct shares in Prestar.

Together, their direct stakes total 6.68%.