SCIB's Ku Chong Hong emerges as Axteria substantial shareholder, appointed executive director

KUALA LUMPUR (April 20): Sarawak Consolidated Industries Bhd (KL:SCIB) group managing director and CEO Ku Chong Hong (pictured) has emerged as a substantial shareholder of property developer Axteria Group Bhd (KL:AXTERIA) with an indirect 27.13% stake, following a series of share transactions and boardroom changes announced on Monday.

Ku, 37, was also appointed as an executive director of Axteria. In addition to his role at SCIB, Ku currently also serves as an executive director and the chief financial officer of Globetronics Technology Bhd (KL:GTRONIC).

Filings showed that Ku’s interest is held via Atlantis Corporate Sdn Bhd, which acquired 200.27 million shares in Axteria through a direct business transaction on Monday. The price of the transaction was not disclosed.

Following the acquisition, Atlantis now holds 213.93 million shares in Axteria, equivalent to a 27.13% stake.

Meanwhile, Axteria's group managing director and substantial shareholder Woo Wai Onn @ Foo Wai Onn exited the group after disposing of his entire 186.27 million shares, or 23.62% of Axteria’s issued share capital, at 36.9 sen apiece via a direct business transaction.

It was not disclosed whether Woo had stepped down from his position in the company.

Separately, deputy chairman Datuk Abdullah Abdul Mannan sold 14 million shares, representing a 1.78% stake, at 20 sen apiece, reducing his direct shareholding in the company to nil.

Abdullah also resigned as the non-independent non-executive deputy chairman, citing personal commitments.

Mok Juan Chek, meanwhile, resigned from his role as the independent non-executive chairman, also citing personal commitments.

In another filing, Axteria announced the appointment of Oh Bang Han, 40, as an executive director effective Monday.

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