KUALA LUMPUR (Feb 2): Abrdn plc has emerged as a substantial shareholder in SKP Resources Bhd after purchasing 78.88 million shares or a 5.05% stake in the electronics manufacturing services (EMS) provider.

According to a bourse filing on Friday, Abrdn bought 78.56 million shares (a 5.03% stake) in SKP on Jan 30, followed by another 320,400 shares (0.02%) on Jan 31.

The transaction prices were not disclosed, but based on the respective days’ closing prices of 67 sen and 67.5 sen, Abrdn may have paid about RM52.85 million for the shares.

SKP shares have been on a decline since early 2023, having fallen 58.79% over a 12-month period — from RM1.63 on Feb 2, 2023 to 67 sen on Friday.

With its 5.05% stake, Abrdn comes in as SKP’s fifth largest shareholder, behind the late Datuk Gan Kim Huat’s 40.23%, his son and SKP managing director Gan Poh San (21.39%), the Employees Provident Fund (9.1%) and the Retirement Fund Inc (KWAP) (8.74%).

Shares in SKP ended half a sen or 0.74% lower to 67 sen, giving the company a market capitalisation of RM1.04 billion.