Prinsiptek founder Foo Chu Jong disposes entire stake in the group which has been renamed Ageson

KUALA LUMPUR (May 6): Ageson Bhd said today that its non-executive director Datuk Foo Chu Jong has ceased to be a substantial shareholder in the construction group.

In a filing today, Ageson said Foo ceased to be a substantial shareholder after he sold 22.96 million shares representing a 3.94% stake in the company on May 4. Foo no longer holds any shares in Ageson.

According to Bloomberg data, the two largest shareholders of Ageson are Chin Kok Foong (16.23%) and Datuk Larry Liew Kok Leong (12.09%), both of whom had increased their stakes substantially via an off-market trade back in July last year.

Foo was the founder of Prinsiptek Corp Bhd, which was renamed as Ageson Bhd late last year. He also held the managing director position up until May 2019, when he was succeeded by Chin.

Foo’s cessation came at a time when Ageson announced a slew of sand supply contracts — the latest valued at RMB44.8 billion (RM27.5 billion) by a China-based company for 15 years.

Shares of Ageson have climbed by 70% year to date. The counter fell one sen or 5.56% to 17 sen per share on Wednesday, valuing the group at RM85.36 million.