Hillcove ceases to be substantial shareholder in Excel Force

TheEdge Wed, Jan 17, 2024 06:32pm - 2 months View Original


KUALA LUMPUR (Jan 17): Hillcove Sdn Bhd has ceased to be a substantial shareholder in Excel Force MSC Bhd after it disposed of 24.70 million shares or a 4.42% stake in the financial services business solutions provider.

In a Bursa Malaysia filing on Wednesday, the group said Hillcove had disposed of the shares on Jan 16 via a direct business transaction.

However, it is not known who purchased the block of shares.

Following the shares disposal, Hillcove now has 4.15 million shares or a 0.74% stake in the group.

The disposal came less than two months after Hillcove emerged as a substantial shareholder of Excel Force, having acquired 28.85 million shares or a 5.16% stake in Excel Force via direct business transaction in December 2023.

Excel Force is largely controlled by MyEG co-founder Wong Thean Soon, who owns a 18.23% stake, followed by Asia Internet Holdings Sdn Bhd with a 14.73% stake and Nizam Abdul Razak with a 7.83% stake.

In May last year, the group announced the appointment of Farhash Wafa Salvador, former political secretary of Prime Minister Datuk Seri Anwar Ibrahim, as its new chairman.

Farhash, 41, was made a non-independent non-executive chairman of 7-Eleven Malaysia Holdings Bhd in January last year, and in Dec 2022, had been appointed group executive chairman of Apex Equity Holdings Bhd.

Farhash owns five million shares or a 0.89% stake in Excel Force.

Shares in Excel Force closed 0.5 sen or 1.22% lower to 40 sen, giving it a market capitalisation of RM223.97 million.

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