PETALING JAYA: Tatt Giap Group Bhd has proposed to change its name to Dynaciate Group Bhd.
In a filing with Bursa Malaysia, it said the name change was due to the emergence of Dynaciate as its substantial shareholder, as well as the appointment of Dynaciate directors to its board.
On Nov 14 and 15, Tatt Giap saw three new appointments to its board as well as one resignation.
The new appointees were Woon Kok Kee and Khoo Song Heng as executive directors of the group and Lim Peng Tong, who is designated as an independent and non-executive director.
On Nov 9, Woon and Khoo emerged as substantial shareholders in Tatt Giap via their private investment vehicle, Dynaciate Engineering Sdn Bhd, which had acquired 22.1 million shares or a 12.95% stake for 31 sen in the group via a direct business transaction.
Dynaciate Engineering’s entry cost represented a 47.62% premium over Tatt Giap’s closing price of 21 sen on Nov 9.
Tatt Giap closed up 0.5 sen to 24 sen on a heavy volume of 30.57 million shares yesterday.