KUALA LUMPUR (Nov 10): Elridge Energy Holdings Bhd (KL:ELRIDGE) said Mohammad Suffian Md Yusof has ceased to be a substantial shareholder of the biomass fuel producer after a share disposal.

Mohammad Suffian’s vehicle Bio Eneco Holdings Sdn Bhd disposed of 38.5 million shares, a 1.93% stake, via an off-market transaction on Nov 6, according to Elridge Energy’s bourse filings on Monday. The sale trimmed Bio Eneco’s stake in Elridge Energy to 4.4%.

A check with Bloomberg off-market trading data showed that the 38.5 million share block was transacted at 77.5 sen apiece, or a total RM29.84 million.

The 77.5 sen per share price tag represented a 3.73% discount to Elridge Energy shares’ closing price on Nov 6 of 80.5 sen.

Shares in Elridge Energy have been on the ascent since it listed on the ACE Market in August 2024. The counter’s gains picked up in May this year.

Year-to-date, the stock has gained 92.86%. Against its initial public offering (IPO) price of 29 sen, it is up 179.3%.
 
Mohammad Suffian was a substantial shareholder of Elridge Energy pre-IPO. His vehicle, Bio Eneco, put up 100 million shares, a 5% stake, in the listing exercise’s offer for sale.

At the point of listing, Bio Eneco had 230 million shares, or an 11.5% stake in Elridge Energy.

In July this year, Bio Eneco disposed of 60 million shares (3% stake), followed by 100 million shares (5% stake) the following month.

Currently, Elridge Energy’s largest shareholder is chief executive officer Yeo Hock Cheong, who owns a 6.979% direct stake and another 16.366% indirect via Kayavest Sdn Bhd.

The company’s other substantial shareholders include Mikro MSC Bhd (KL:MIKROMB) with a 20.625% stake, and Kenanga Islamic Absolute Return Fund with 12.083%.

Shares in Elridge Energy ended half a sen or 0.62% higher at 81 sen on Monday, valuing the company at RM1.61 billion.