KUALA LUMPUR (Feb 14): Ann Joo Resources Bhd group chairman Datuk Lim Kiam Lam has ceased to be a substantial shareholder in Engtex Group Bhd.

According to a bourse filing on Wednesday, Lim disposed of 2.9 million shares or a 0.66% stake in the pipe maker both on and off market on last Thursday.

Based on back-of-the-envelope calculations, this trimmed Lim’s shareholding in Engtex to 20.95 million shares or a 4.75% stake — below the 5% threshold required to be deemed a substantial shareholder. 

Lim has been paring his stake in Engtex since late December last year. From Dec 22 to the latest disposal last Thursday, he has disposed of a total 5.56 million shares, or a 1.26% stake, in the company.

Shares in Engtex closed five sen or 4.72% higher on Wednesday to a five-year high of RM1.11, valuing the pipe maker at RM492.02 million.

The counter has been on the rise since early December last year — having climbed 62.04% from 68.5 sen on Dec 6, 2023, to Wednesday’s close of RM1.11. Year to date, it is up 47.02%.

Water pipe manufacturers such as Engtex popped up on investors’ radars due to the public sector’s, namely the National Water Services Commission (SPAN), efforts to tackle non-revenue water.

Shares in Ann Joo ended unchanged at RM1.04, valuing the steel manufacturer at RM601.73 million. Lim owns a 49.91% stake in Ann Joo.

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