KUALA LUMPUR (Jan 31): One of Tong Herr Resources Bhd’s co-founders, Tsai Ching-Tung, has ceased to be a substantial shareholder in the stainless steel fastener manufacturer following the restructuring of his investment vehicle Allrich Corp.

According to a bourse filing on Wednesday, the Taiwanese lost the status on last Friday following the “cessation of deemed interest pursuant to Section 8 of the Companies Act 2016 due to the restructuring of Allrich Corp.”

Before Allrich Corp’s restructuring, Ching-Tung’s entire 39.86% deemed interest in Tong Herr was held via the vehicle.

Likewise, Ching-Tung’s children, Tong Herr's non-independent and non-executive directors Tsai Hung-Chuan and Tsai Chia-Yen, also ceased to be substantial shareholders of the company for the same reason.

Tong Herr’s other co-founder is Ching-Tung’s brother and company executive chairman Tsai Ming Ti, who owns a 1.32% direct stake and controls another 32.69% via Richard Holdings Ltd and his spouse Tsai Liao Chin Yeh. 

Ming Ti’s daughter, Tsai Chia Chen, also ceased to be a substantial shareholder of Tong Herr on Jan 26 “due to the restructuring of Richard Holdings”, according to a separate bourse filing.

Based on prior filings, Richard Holdings held a 31.95% stake in Tong Herr.

At the time of writing, Tong Herr has not indicated if there are any changes to Ming Ti’s shareholding in the company.

Tong Herr shares settled unchanged at RM2.29 on Wednesday, giving the company a market capitalisation of RM360.51 million.