Changes in store at DWL Resources

The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.

PETALING JAYA: DWL Resources Bhd, formerly known as Spring Gallery Bhd saw 10 million shares transacted in an off-market deal on Wednesday, following recent changes in shareholding of the company. 

The crossing today represents 5% of the company’s total share base of 198.6 million and indicates the possible entry of new shareholders. 

The loss making ceramics and pottery products manufacturer has been seeing some changes since early this year. 

In January, Wan Khalik Wan Muhammad emerged as a substantial shareholder in the company with a 10% stake after acquiring 19.86 million shares via his private vehicle Total Sejati Sdn Bhd. Wan Khalik was subsequently appointed as an executive director of DWL Resources. 

On Jan 4, a week before Wan Khalik’s emergence as a substantial shareholder, the CEO of DWL Resources (then known as Spring Gallery), Datuk Lim Chaing Cheah, resigned to “focus on the ceramic business at a subsidiary level”.

Wan Khalik has Sarawak connections, having been the principal private secretary to the Chief Minister of Sarawak from 2013 until July 2018. He is also described in DWL’s filings as being the co-founder of a multi award-winning software development company which was established since year 2000. 

Insiders say more shareholding changes are in store for DWL which will also entail a focus on new businesses.
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