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BETWEEN Jan 5 and 8, notable filings of companies listed on Bursa Malaysia included one by Acoustech Bhd, where Yee Wei Meng emerged as a substantial shareholder after acquiring 30.99 million shares, or an 11.6% stake, via a private placement. A property developer, Acoustech posted a net loss of RM5.92 million in the third quarter ended Sept 30, 2020, on the back of a steep contraction in revenue to RM458,000. In the previous corresponding period, it made a profit of RM26,000 from revenue of RM4.39 million. At CN Asia Corp Bhd, Ho Cheng San disposed of 16.4 million shares during the period under review. Filings with Bursa reveal that he had disposed of 14.33 million shares via a direct business transaction and 2.07 million shares on the open market. Post-disposal, he is left with a 1.26% direct stake in the company. ....
Last week, CN Asia Corp Bhd announced the emergence of a new substantial shareholder, Woo Kim Siong, who has three million shares or a 5.46% equity interest in the company. Many market watchers had been waiting to see who would eventually surface in CN Asia as there had been large blocks of shares crossing in off-market trades, and the company’s managing director and controlling shareholder Ho Cheng San had stepped down, as had his wife Angeline Chan Kit Fong, an executive director of the company. This was followed by new appointments to the board, but there was still no indication of who had bought into CN Asia and taken over the reins. ....