Ng brothers no longer substantial shareholders in Gabungan AQRS

KUALA LUMPUR (April 20): Former Gabungan AQRS Bhd executive director and deputy chairman Alvin Ng Chun Kooi has ceased to be a substantial shareholder in the company, after disposing of 5.66 million shares or a 1.4% stake.

A filing with Bursa Malaysia today showed that Chun Kooi disposed of 5.66 million shares via an off market transaction on April 17.

At the same time, his brother, Ng Chun Seong, disposed of his entire 13.44 million shares or a 3.4% stake in the company, according to a separate filing.

Both filings did not disclose the price of the transactions. At 4.16pm, Gabungan AQRS shares were traded down one sen or 0.81% at RM1.23, with 319,600 shares done. Its market capitalisation stood at RM484.08 million.

Following the disposal, Chun Kooi now holds 12.06 million shares or a 3% stake in the company.

In October last year, Chun Kooi resigned from the company, citing health reasons. Chun Kooi was appointed to the board on July 6, 2011 and was subsequently redesignated as the deputy chairman on April 25 last year.

Chun Kooi has more than 30 years of experience in the construction industry and is the co-founder of construction and engineering firm, Gabungan Strategik Sdn Bhd, one of the four businesses that merged to form Gabungan AQRS in 2010. — theedgemarkets.com

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