KUALA LUMPUR: Property developer Trinity Group Sdn Bhd’s founder Datuk Neoh Soo Keat has raised his direct stake in Vortex Consolidated Bhd to 15.25%, a filing with Bursa Malaysia showed.
Neoh bought 3.79 million shares of Vortex – which is an IT and property construction – on Wednesday, May 13 from the open market and raised his stake to 131.79 million shares.
Share of Vortex, formerly SKH Consortium Bhd, closed at 7.5 sen on Wednesday.
Based on the shares issued of 864.14 million shares, Neoh’s purchase of the 3.79 million shares represented just a 0.43% stake.
Neoh emerged as a substantial shareholder in Vortex on April 1 when he acquired 45.51 million shares or 9.44% from the open market. Since then, he has been raising his stake.
According to Trinity Group’s website, Neoh founded the company with plans to undertake one-of-a-kind properties.
In the fourth quarter ended Dec 31,2019, Vortex posted net losses of RM1.83mil compared with RM464,000 in losses a year ago. Its revenue was slightly higher at RM42.08mil compared with RM40.63mil a year ago.
Its net asset per share was 28.1 sen.
In FY19, its net losses were RM7.95mil compared with net profit of RM98,000 in FY18.
Its net cash was RM49mil, the bulk of which was raised from a rights issue.