KUALA LUMPUR (Nov 21): Ancom Nylex Bhd’s non-independent non-executive director Chan Thye Seng has ceased to be a substantial shareholder in the chemical products company. 

In a Bursa Malaysia filing on Monday (Nov 21), the group stated that Pacific & Orient Bhd (P&O) disposed one block of 16 million shares for RM13.92 million, while Pacific & Orient (P&O) Insurance Co Bhd disposed a block of four million shares for RM3.48 million. 

Chan is a major shareholder of P&O, as well as its managing director and CEO. He holds a 14.257% direct stake and an 46.212% indirect stake in the company.

The disposals by P&O and P&O Insurance trimmed Chan’s indirect stake in Ancom Nylex to 3.11%, from 5.56% as at June 7.

Both transactions took place on Nov 17.

Ancom Nylex, formerly known as Ancom Bhd, posted a net profit of RM20.03 million in the first quarter ended Aug 31, 2022 (1QFY23), up 122% from RM9.04 million a year ago, amid stronger chemical sales by both its agricultural and industrial divisions, and higher selling prices. The group’s revenue for 1QFY23 climbed 35.8% year-on-year to RM549.8 million, from RM404.73 million in 1QFY22.

This follows the takeover of its formerly 50%-owned Nylex (M) Bhd for RM179.3 million, an acquisition that was completed in January this year. Ancom then changed its name to Ancom Nylex in April.

Ancom Nylex’s share price, which has fallen 17.12% year-to-date, closed unchanged at 92 sen on Monday. This gives the group a market capitalisation of RM859.24 million.