Signature International’s co-founder ceases to be EcoFirst’s substantial shareholder

• Datuk Michael Chooi Yoey Sun, who emerged as the property developer’s substantial shareholder in January this year, disposed of 10 million shares on the open market on Monday (Nov 7), according to a Bursa Malaysia filing.

KUALA LUMPUR (Nov 9): Signature International Bhd’s co-founder Datuk Michael Chooi Yoey Sun has ceased to be a substantial shareholder of EcoFirst Consolidated Bhd.

Chooi, who emerged as the property developer’s substantial shareholder in January this year, disposed of 10 million shares on the open market on Monday (Nov 7), according to a Bursa Malaysia filing.

This trimmed his stake in EcoFirst to 4.84% from 5.7%.

Note that Chooi is also a major shareholder of Scanwolf Bhd with a 7.13% interest.

Separately, EcoFirst chief executive officer Datuk Tiong Kwing Hee also sold 340,000 shares in the company on Tuesday (Nov 8) at 35 sen per share, leaving him with a 7.48% stake from 7.51% previously.

EcoFirst widened its net loss to RM4.38 million in the first quarter ended Aug 31, 2022 (1QFY2023) from RM2.1 million a year earlier, despite revenue rising to RM4.23 million from RM2.72 million.

EcoFirst shares closed unchanged at 34.5 sen on Wednesday, with a market capitalisation of RM405.76 million.