KUALA LUMPUR (April 25): PDZ Holdings Bhd executive director Ho Jien Shiung has ceased to be a substantial shareholder of Fitters Diversified Bhd after offloading 40 million shares.

According to a bourse filing on Tuesday (April 25), Ho sold the block of Fitters Diversified shares on April 19. This slashed his shareholding to 106.11 million shares.

It is worth noting that Fitters Diversified completed the issuance of 1.73 billion rights shares together with 1.16 billion free warrants on April 17.

Prior to the disposal, Ho subscribed to 92.31 million shares under the rights issue, which saw his shareholding then stand at 146.11 million or a 6.24% stake.

On Feb 28, the company fixed the issue price of the rights shares at 6.5 sen per share, and the exercise price for the warrants at seven sen.

A day earlier, Fitters Diversified’s share price hit a year-to-date high of 11.5 sen. The counter has since been on a decline.

Fitters Diversified’s substantial shareholders include Cita Realiti Sdn Bhd with a 10.65% stake, followed by Pembinaan Viana Sdn Bhd with 9.86%, Arena Evolusi Sdn Bhd with 9.33%, Datuk Seri Pang Chow Huat with 7.18%, and Sanichi Technology Bhd with 6.7%.

Shares in Fitters Diversified ended unchanged at five sen on Tuesday, giving the company a market capitalisation of RM124.16 million. Compared to the 11.5 sen high, the counter has fallen 56.52%.

Fitters Diversified posted a 40.18% wider net loss to RM12.51 million for the third quarter ended Dec 31, 2022, versus RM8.9 million a year earlier, mainly due to loss on disposal of its subsidiary Molecor (SEA) Sdn Bhd.

Revenue for the quarter slipped 5.46% to RM98.26 million from RM103.93 million previously, in view of its fire services and renewable & waste-to-energy segments posting weaker revenue contributions.

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