KUALA LUMPUR (Nov 10): Businessman Datuk Keh Chuan Seng, a promoter and substantial shareholder of ES Sunlogy Bhd (KL:SUNLOGY), has trimmed his stake in the electrical and solar engineering company.

Keh disposed of 35 million ES Sunlogy shares in the open market on Nov 5 and 6, reducing his stake from 23% to 18%, according to the company’s filing with Bursa Malaysia.

The transaction prices were not disclosed in the filling. Based on the counter’s closing prices on both days, the stake sale could be worth up to RM11.07 million.

ES Sunlogy, which specialises in high- and low-voltage electrical systems, extra-low-voltage systems, mechanical engineering for building services, and solar energy generation through large-scale renewable projects, made its ACE Market debut on Feb 20 this year.

The counter closed at 32 sen on Monday — only slightly higher than its initial public offering price of 30 sen — valuing the company at RM224 million.

Other substantial shareholders of the company include managing director Khor Chuan Meng and executive director Chu Kerd Yee, with each holding a 21% stake.

Keh was among the company’s shareholders who offered shares in the IPO’s offer-for-sale tranche, which comprised 70 million existing shares collectively from Keh, Khor and Chu.

As part of the IPO conditions, Keh had been under a six-month moratorium restricting him from disposing of his shares, which expired in August 2025. Under the second six-month moratorium period, he is required to maintain at least an 18% stake before being permitted to reduce his shareholding further to 12% in the following year.

Earlier this year, Keh came under market attention when several Bursa Malaysia-listed companies linked to him experienced heavy selling pressure on their shares. These included contract manufacturer Ge-Shen Corp Bhd (KL:GESHEN), waste management company Tex Cycle Technology (M) Bhd (KL:TEXCYCL), and stainless steel products maker K Seng Seng Corp Bhd (KL:KSSC), to name a few.