KUALA LUMPUR (July 16): Astral Asia Bhd said Tan Sri Lim Kang Yew has emerged as its substantial shareholder after acquiring 89.55 million shares, representing a 13.57% stake in the plantation group.

The group’s bourse filing today showed that Kang Yew bought the block of shares from his brother Datuk Lim Kang Poh, who is Astral Asia’s deputy executive chairman. He is also the uncle of Lim Guan Shiun, the group’s managing director.

Subsequent to the purchase, Kang Yew was appointed as executive director in Astral Asia. Currently, he is also the deputy executive chairman of TSR Capital Bhd and managing director of PLS Plantations Bhd.

Astral Asia is principally engaged in the cultivation of oil palm in Pahang, as well as in construction and property development, according to its website.

The group has been loss-making for the past four years, with a meagre revenue. For the year ended Dec 31, 2019, it posted a net loss of RM9.9 million, on the back of a revenue of RM19.48 million.

Astral Asia’s share price closed down half sen or 4.3% at 11 sen today, giving the group a market capitalisation of RM73 million.