Asia Internet is no longer Cuscapi’s substantial shareholder

PETALING JAYA: Asia Internet Holdings Sdn Bhd, a vehicle linked to MyEG Services Bhd (MyEG) co-founder Wong Thean Soon, has ceased to be a substantial shareholder of Cuscapi Bhd following a series of share disposals.

In a filing with Bursa Malaysia yesterday, Cuscapi disclosed that Asia Internet Holdings sold 50 million shares on Dec 26, 2024 at an undisclosed price, reducing its stake in the digital business solutions provider to 2.94% or 27.75 million shares.

This came after an earlier disposal of 5.5 million shares on Dec 17, 2024, which had trimmed Asia Internet Holdings’ stake to 8.23% from the 8.81% it acquired in February 2023 when it purchased 83.25 million shares.Despite the reduction in Asia Internet Holdings’ stake, Wong continues to hold a direct interest of 207.45 million shares, equivalent to a 21.96% stake in Cuscapi, in addition to his indirect interest of 2.94% through Asia Internet Holdings.

Wong’s total deemed interest in Cuscapi has decreased to 24.9% from 30.77%.

No further details behind the disposals were provided in the filling.

Wong holds a substantial stake in MyEG, a leading e-government services provider where he also serves as managing director, as well as in Excel Force MSC Bhd, a financial technology company.

Cuscapi, a pioneer in point-of-sale systems in Malaysia, has since diversified into digital business solutions.

The company provides a range of offerings, including business management solutions, information technology security services, consulting, and contact centre outsourcing.