Wang-Zheng CEO ceases to be substantial shareholder
KUALA LUMPUR: Wang-Zheng Bhd’s co-founder, managing director and chief executive officer Goh Kheng Jiu has ceased to be a substantial shareholder after disposing of two million shares in the sanitary paper product manufacturer via off market transaction.
This leaves Goh, 59, with a combined 4.87% direct and indirect stake in Wang-Zheng, according to a bourse filing yesterday.
Goh has been paring down his shareholding in the company since January 2018.
According to Wang-Zheng’s Annual Report 2018, Goh, together with Khoo Beng Hwa and director Thang Yuen Mei, founded Wang-Zheng Corp Sdn Bhd in December 1987.
“Goh is highly instrumental in spearheading the progress and expansion of Wang-Zheng Group. From a small trading company in 1987, Wang-Zheng Group has become a reputable manufacturer and distributor of disposable fibre-based products and processed papers,” the company said.
Wang-Zheng, whose brands include Drypro, Carina and Carefeel Cotton, saw its net profit rise 5% to RM8.98 million for the cumulative nine months ended Sept 30, 2019 (9MFY19) from RM8.56 million on increased sales in processed paper products, while revenue grew 5.6% to RM199.83 million from RM189.21 million in 9MFY18.
Hong Kong-listed Hengan International Group Co Ltd is the single largest shareholder of Wang-Zheng, with a 50.45% stake as at March 29, 2019.
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