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Tuesday, July 15, 2014

Jubilee Industries emerges as substantial shareholder in EG Industries Bhd (Edge)

Jubilee Industries Holdings Ltd has emerged as a substantial shareholder in EG Industries Bhd (EGI), with a 26% stake, acquired by way of direct business transaction.

Filings on Bursa Malaysia show that WE Holdings Ltd, which is based in Singapore, has also emerged as a substantial shareholder in EGI, through its interest in Jubilee Industries.

The transaction was carried out at RM1 per share.

Bursa filings also show that Jupax Enterprise Sdn Bhd, by which Eng Giat Yang, EGI's executive director Tai Lee Keow, and group managing director Tai Yeong Shen, held a 15.18% stake, ceased to be a shareholder in the company.

Yeong Shen also pared down his direct interest, by disposing of 8.1 million shares for RM1 each in EGI.

However, while Lee Keow and Giat Yang have ceased to be substantial shareholders. Yeong Shen still maintains a 1.62% direct stake in EGI and additional 5.08%, through Giap Seng Auto Supply Sdn Bhd.

EGI's share price has rallied 180% over the last one year, ending flat at 87 sen, bringing its market capitalisation to RM65.2 million. 

Jubilee Industries is a provider of precision plastic injection mould design and fabrication, as well as precision plastic injection moulding, while EG manufactures and sells speaker drivers, speaker systems and parquet flooring.

WE Holdings is a distributor and manufacturers’ representative of a range of electronic components, systems, and power. The company also provides value-added electronics services, such as product design and development, engineering support, maintenance and sub-assembly.

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