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Posted on 15 Feb 2024

Ann Joo chairman Lim Kiam Lam ceases to be substantial shareholder in Engtex

Ann Joo Resources Bhd group chairman Datuk Lim Kiam Lam has ceased to be a substantial shareholder in Engtex Group Bhd.

According to a bourse filing on Wednesday, Lim disposed of 2.9 million shares or a 0.66% stake in the pipe maker both on and off market on last Thursday.

Based on back-of-the-envelope calculations, this trimmed Lim’s shareholding in Engtex to 20.95 million shares or a 4.75% stake — below the 5% threshold required to be deemed a substantial shareholder. 

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Ann Joo chairman Lim Kiam Lam ceases to be substantial shareholder in Engtex

By Izzul Ikram / theedgemalaysia.com

14 Feb 2024, 06:41 pm

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KUALA LUMPUR (Feb 14): Ann Joo Resources Bhd group chairman Datuk Lim Kiam Lam has ceased to be a substantial shareholder in Engtex Group Bhd.

According to a bourse filing on Wednesday, Lim disposed of 2.9 million shares or a 0.66% stake in the pipe maker both on and off market on last Thursday.

Based on back-of-the-envelope calculations, this trimmed Lim’s shareholding in Engtex to 20.95 million shares or a 4.75% stake — below the 5% threshold required to be deemed a substantial shareholder. 

Lim has been paring his stake in Engtex since late December last year. From Dec 22 to the latest disposal last Thursday, he has disposed of a total 5.56 million shares, or a 1.26% stake, in the company.

Shares in Engtex closed five sen or 4.72% higher on Wednesday to a five-year high of RM1.11, valuing the pipe maker at RM492.02 million.

The counter has been on the rise since early December last year — having climbed 62.04% from 68.5 sen on Dec 6, 2023, to Wednesday’s close of RM1.11. Year to date, it is up 47.02%.

Water pipe manufacturers such as Engtex popped up on investors’ radars due to the public sector’s, namely the National Water Services Commission (SPAN), efforts to tackle non-revenue water.

Shares in Ann Joo ended unchanged at RM1.04, valuing the steel manufacturer at RM601.73 million. Lim owns a 49.91% stake in Ann Joo.

Source:The Edge