CEO Morning Brief

Menang Corp Shareholders Linked to Titian Hartanah Cease to be Substantial Shareholders

Publish date: Thu, 23 Mar 2023, 08:37 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (March 22): Shareholders of Menang Corp (M) Bhd connected to Titian Hartanah (M) Sdn Bhd have ceased to be substantial shareholding of the property developer.

Mariam Mohamed Eusoff, who directly held 48.11 million shares or a 9.44% stake in Menang, ceased to be a substantial shareholder of the company after offloading her entire block of shares via a direct business transaction on Tuesday (March 21), according to a bourse filing on Wednesday.

On Monday, Menang notified Bursa Malaysia that Datuk Shun Leong Kwong and Datuk Abdul Mokhtar Ahmad, who control Titian Hartanah together with Mariam, had ceased to be substantial shareholders of Menang after the vehicle disposed of its 54.26 million shares or 10.65% stake via a direct business transaction.

Notably, after their exit from Menang, the company’s share price surged 12 sen or 26.09% on Wednesday to close at 58 sen, giving it a market capitalisation of RM292.2 million. The counter saw 18.13 million shares change hands.

Prior to the recent disposals, Mariam, together with the indirect stake from Titian Hartanah, controlled a 20.09% stake in Menang.

However, with Mariam's exit, executive director Lee Min Huat controls the largest stake in the company at 12.91%, directly holding 5.47 million shares or 1.07% stake and another 60.28 million shares or 11.83% via Chye Leong Thye Sdn Bhd.

Besides Lee, Menang’s other substantial shareholders are group managing director Toh May Fook with 61.1 million shares or an 11.99% stake, former director Christopher Shun Kong Leng with 48.13 million shares or 9.45%, and executive director Liew Sook Pin with 36.26 million shares or 7.12%.

For the second quarter ended Dec 31, 2022, Menang’s net profit surged 112.5% to RM3.59 million from RM1.69 million a year earlier, on the back of lower interests and tax expenses. This translated to higher earnings per share of 0.71 sen versus 0.35 sen previously.

Quarterly revenue rose a marginal 1.93% to RM22.18 million from RM21.76 million previously.

Source: TheEdge - 23 Mar 2023

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