KUALA LUMPUR (Nov 14): Cheong Lai Sin has emerged as the largest shareholder of K Seng Seng Corporation Bhd (KSSC) after receiving shares transferred from the late Koh Seng Kar, founder and chairman of the steel manufacturer.
In a Bursa Malaysia filing on Tuesday, the group said Cheong, a Singaporean, now holds 41.58 million shares or a 27.69% stake in the group.
In March 2019, Seng Kar passed away at the age of 75.
His brother, 61-year-old Seng Lee, was redesignated as group managing director two months after Seng Kar's demise.
On Jan 16, 2023, he resigned to "pursue his personal interest", according to a bourse filing.
The stock price has declined 35.39%, or 54 sen since his resignation, to 99.5 sen at the close on Tuesday from RM1.54 on Jan 16.
At 99.5 sen, K Seng Seng has a market capitalisation of RM149.43 million.