More significant shareholding changes may be in store for Frontken Corp Bhd.
Major shareholder and managing director Wong Hua Choon, on Nov 11, announced his intention to deal in the securities of the company. Sources said this could lead to Wong hiving off more of his shares to the company's German shareholder, Jorg Helmut Hohnloser.
Hohnloser, who owns a European company with the same business as Frontken namely the provision of services to maintain equipment in the semiconductor and other industries had first bought into Frontken in 2010. However, last month, he raised his stake to 17.1%, buying 119.75 million shares (equivalent to 11.8 % of Frontken) from Wong in an off-market deal. This has made Hohnloser Frontken's single largest shareholder, giving rise to speculation that he could be seeking to secure control over Frontken.
Wong, the founder of Frontken, has whittled down his stake in Frontken from 21.2% to 9.4% currently. He also owns 57.62mil warrants, which is close to 20% of the company's total warrants.
Hohnloser is holding his Frontken shares via Singapore's Kim Eng Securities Pte Ltd, according to a Bursa Malaysia filing.
Interestingly, Kim Eng Securities has also surfaced as a 6.14% shareholder in Frontken's 51% Taiwanese subsidiary, Ares Green Technology Corp (AGT), which is traded on the Taiwanese over the counter market.
In fact, Frontken, AGT and Hohnloser's privately owned European firm, Cleanpart, are all in the same area of business but catering to different markets. There is talk that Hohnloser could be considering a corporate exercise involving all these companies. “One can't rule out a merger of sorts,” said a source.
Major shareholder and managing director Wong Hua Choon, on Nov 11, announced his intention to deal in the securities of the company. Sources said this could lead to Wong hiving off more of his shares to the company's German shareholder, Jorg Helmut Hohnloser.
Hohnloser, who owns a European company with the same business as Frontken namely the provision of services to maintain equipment in the semiconductor and other industries had first bought into Frontken in 2010. However, last month, he raised his stake to 17.1%, buying 119.75 million shares (equivalent to 11.8 % of Frontken) from Wong in an off-market deal. This has made Hohnloser Frontken's single largest shareholder, giving rise to speculation that he could be seeking to secure control over Frontken.
Wong, the founder of Frontken, has whittled down his stake in Frontken from 21.2% to 9.4% currently. He also owns 57.62mil warrants, which is close to 20% of the company's total warrants.
Hohnloser is holding his Frontken shares via Singapore's Kim Eng Securities Pte Ltd, according to a Bursa Malaysia filing.
Interestingly, Kim Eng Securities has also surfaced as a 6.14% shareholder in Frontken's 51% Taiwanese subsidiary, Ares Green Technology Corp (AGT), which is traded on the Taiwanese over the counter market.
In fact, Frontken, AGT and Hohnloser's privately owned European firm, Cleanpart, are all in the same area of business but catering to different markets. There is talk that Hohnloser could be considering a corporate exercise involving all these companies. “One can't rule out a merger of sorts,” said a source.
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