Tabung Haji emerges as substantial shareholder in Matrix Concepts

• According to a bourse filing, the pilgrim fund acquired about 17.42 million shares on Monday (Nov 20), bringing its stakeholding to 62.59 million shares, pushing it beyond the 5% threshold necessary to be deemed a substantial shareholder.

KUALA LUMPUR (Nov 23): Lembaga Tabung Haji (LTH) has emerged as a substantial shareholder of Seremban-based property developer Matrix Concepts Holdings Bhd with a 5% stake.

According to a bourse filing, the pilgrim fund acquired about 17.42 million shares on Monday (Nov 20), bringing its stakeholding to 62.59 million shares, pushing it beyond the 5% threshold necessary to be deemed a substantial shareholder.

No details on the purchase price was provided, but based on Matrix Concepts’ closing price of RM1.61 on Monday, LTH could have acquired the stake for about RM28.05 million.

Besides LTH, Matrix Concepts' other substantial shareholders are Shining Term Sdn Bhd, a private vehicle of Matrix Concepts executive deputy chairman Datuk Seri Lee Tian Hock, which holds a 12.67% stake. Lee also holds an 11% direct stake in the company.

On Thursday (Nov 23), Matrix Concepts announced its net profit of RM64.03 million for the second quarter ended Sept 30, 2023 (2QFY2024), up 27% from RM50.57 million a year ago, fuelled by improved construction activities as labour shortage issues dissipated.

Quarterly revenue climbed 62% to RM359.35 million in 2QFY2024 compared with RM222.35 million in 2QFY2023 as normalisation of construction speed led to improvement in recognition of revenue from the sale of residential and commercial properties.

The group has declared a 2.5 sen interim dividend with an ex-date set for Dec 21.

Shares of Matrix Concepts finished unchanged at RM1.62 on Thursday, giving it a market capitalisation of RM2.03 billion.

Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!