KUALA LUMPUR: Chiew Ho (L) Foundation has emerged as a substantial shareholder of AYS Ventures Bhd
following the acquisition of 239.6 million shares, or 57.27% stake in the company.
In a filing with Bursa Malaysia, the steel and building materials distributor said the foundation became a new substantial shareholder of the company following the acquisition of the entire interest in Chiew Ho Holding Sdn Bhd (CHH) on Jan 13.
With the acquisition of the entire interest in CHH, the foundation now has an indirect interest in the 239.66 million AYS shares, it said.
AYS has been notified by the foundation that it, along with its related parties, including the Oh Family and Ann Yak Siong Group Sdn Bhd, is exempt from making a mandatory take-over offer following the transfer of the Oh Family's entire equity interest in CHH to the Foundation.
In the first six months ended Sept 30, 2024, AYS posted a net loss of RM12.9mil, compared with a net profit of RM12mil in the same period last year, while revenue dipped to RM630mil from RM672mil.
