Former Malaysian Transport Minister “Tan Sri Chan Kong Choy” acquires 10.18% stake in Aluminium extrusion firm P.A. Resources

Tan Sri Chan Kong Choy has cropped up as the largest shareholder of aluminium extrusion firm P.A. Resources Bhd after acquiring a 10.18% stake in the group.

The former Malaysian Transport Minister’s wholly-owned, Interlink Matrix (M) Sdn Bhd, acquired 228.38 million shares from P.A. Resources’ non-independent non-executive Chairman Datuk Ng Tong Hai.

This delivered Chan Kong Choy an indirect interest of 10.18%, on top of his 0.04% direct holdings in the company.

On 4^th December’20, the group said in a filing at Malaysian stock exchange: “The acquisition of shares was according to a share sale and purchase agreement entered into between Ng and Interlink Matrix on Nov 10, financed by a loan from Public Bank Bhd.”

On 1^st December’20, the shares exchanged hands, leaving Ng with a total shareholding of 5.79%, of which 0.48% is deemed interest through his shareholding in Reka Shutter Sdn Bhd and shares held by his wife Datin Liew Yoke Keng.

The second-largest stakeholder after Chan Kong Choy would be Fajarbaru Builder Group Bhd who owns 7% of the company’s holdings.

Tan Sri Kong Hon Kong, founder of Nirvana Asia Group was previously the second-largest shareholder of P.A. Resources, trimmed his stake to 5.73% last month after disposing of 59.44 million units or 2.65% in the open market – comprising one million shares that he held directly and 58.44 million shares through his 99%-owned vehicle Sekitar Tropika Sdn Bhd.

The group expected further growth in the segment with good demand for its products. P.A. Resources was equally optimistic with its aluminium billet and tolling segment.

The group is currently undertaking two corporate proposals – a share consolidation of every two existing ordinary shares into one and the establishment of an employees’ share option scheme of up to 15% of the total number of issued shares.

Shareholders will vote on these proposals in an EGM on 17^th Dec ember’20.