Another Gunung Capital substantial shareholder exits the group in just one week

KUALA LUMPUR (Feb 21): Gunung Capital Bhd announced today that its third largest shareholder Ooi Hock Lai has ceased to own a substantial stake in the company.

This was triggered by Ooi’s disposal of four million shares representing a 1.67% stake in the company via an off-market transaction on Feb 18, the company said.

According to Gunung Capital’s annual report, Ooi held 10.27% stake in the company as at April 1 last year.

Ooi’s exit from the loss-making vehicle charterer came after the group announced on Feb 17 that its managing director and chief executive officer Datuk Syed Abu Hussin had ceased to hold any stake in the company.

Syed Abu Hussin was previously the largest shareholder in Gunung Capital with a 27.98% stake as at April last year.

The Edge Weekly reported last month that the existing shareholders of Gunung Capital, led by Syed Hussin, could be gradually exiting the company ahead of the emergence of new substantial shareholders, according to sources.

According to the report, Kumpulan Powernet Bhd’s former owners, led by businessman Datu Chew Kam Wah, are set to surface as new major shareholders of Gunung Capital.

Meanwhile, another substantial shareholder at Gunung Capital, Erayear Equity Sdn Bhd has pared down its stake in the company to 7.43% as at Feb 18, from 11.78% previously. Erayear Equity, controlled by Azhan Zakaria, bought into Gunung Capital in October 2018.

Gunung Capital shares last traded unchanged at 61.5 sen, giving it a market capitalisation of RM146.88 million.