KUALA LUMPUR (Feb 16): Privately-held Tunas Capital Sdn Bhd — the vehicle of Datuk Chin Yoke Kan and Datuk Chin Yoke Choon — has ceased to be a substantial shareholder of Malaysian Bulk Carriers Bhd following the disposal of 60 million shares that represents a 6% stake in the dry bulk operator on Thursday (Feb 16).

Following the disposal, Yoke Choon and Yoke Kan have no more shares in Maybulk.

The shares were acquired by Datuk Goh Cheng Huat, who bumped up his shareholding to 32%, or 320 million shares, Maybulk’s separate filing with Bursa Malaysia showed.   

The shares were purchased at 42.5 sen apiece, which is about 16.4% higher than the closing price of 36.5 sen on Thursday. Based on a back-of-the-envelope calculation, the 60 million shares would have cost Goh RM25.5 million.   

It should be noted that Goh is the founder and executive director of Eonmetall Group Bhd, as well as founder, deputy chairman and executive director of Leader Steel Holdings Bhd.

Goh is also an executive director of Maybulk since May last year.

Yoke Kan, Yoke Choon and Goh acquired their respective stakes in Maybulk in April last year from billionaire Robert Kuok Hock Nien.

At that time, Yoke Kan and Yoke Choon acquired 60 million shares or a 16% stake in Maybulk via Tunas Capital, while Goh also purchased a 16% stake in Maybulk.

Both Yoke Choon and Yoke Kan disposed of their shares and exited from the board following the plan to sell their grocery business to Maybulk fell through.

About a month ago on Jan 13, Yoke Choon and Yoke Kan hived off 100 million shares or a 10% stake in Maybulk, trimming its stake to 6%, or 60 million shares.

The shares were acquired by Goh who bumped up his shareholding to 26%, or 260 million shares.

On the same day (Jan 13), both Yoke Kan and Yoke Choon resigned as executive directors of Maybulk while Ooi Tek Huat, the chief financial officer since May 18 last year, was appointed as an executive director.

Shares in Maybulk closed unchanged at 36.5 sen, giving the group a market capitalisation of RM365 million. Over the past year, the stock has depreciated 30.5% from 52.5 sen.