PETALING JAYA: Cape EMS Bhd
has a new single-largest shareholder after investor Chung Chee Yang bought more shares in the company.
In a filing with Bursa Malaysia, the electronics manufacturing services (EMS) provider disclosed that Chung, who first acquired a 5% stake in the company on Nov 13, 2024 through an open-market transaction, has increased his holdings to 11.14% or 110.5 million shares.
As of the end of February, he held an 8.79% stake and acquired an additional 2.35% or 23.34 million shares this month, according to recent filings.
Chung’s holdings include 41.8 million shares held directly, while an additional 68.7 million shares are pledged via Affin Hwang Nominees (Tempatan) Sdn Bhd.
Chung is also a substantial shareholder in Cypark Resources Bhd, where he emerged three years ago and is the second-largest shareholder with a 13% stake.
Cape EMS has undergone major shifts in its shareholding structure.
Last August, the Employees Provident Fund trimmed its stake from 5.04% to 4.44%.
Cape EMS group chief executive officer and managing director Christina Tee Kim Chin was forced to pare down her holdings from 39.92% to 11.127% due to margin calls. Despite these changes, Tee has reiterated her commitment to the company.
In a recent interview with StarBiz 7, she said: “No, I am not interested in selling my block of shares.”
She also dismissed speculation that Chung was “acting in concert” with her, noting that he is “an investor and clearly, he has recognised the value in Cape EMS.”
With Chung emerging as the single largest shareholder, Tee is now the second-largest shareholder of the company.
Shares of Cape EMS closed up half a sen or 2%, at 25 sen yesterday, giving it a market capitalisation of RM248mil.
