KUALA LUMPUR (Dec 30): Insas Bhd (KL:INSAS) has ceased to be a substantial shareholder in ICT firm Omesti Bhd (KL:OMESTI) following an 8.5% stake disposal.

Insas disposed of 197.35 million shares — equivalent to an 8.5% stake — on Monday (Dec 29), according to a bourse filing on Tuesday.

The disposal slashed Insas’ stake in Omesti to 4.638%, below the requisite 5% to be deemed a substantial shareholder.

In a separate filing on Tuesday, Omesti said Teguh Sedaya Sdn Bhd raised its stake in the company to 14.07% after acquiring 302.92 million shares, equivalent to a 13.04% stake, via a private placement exercise.

The recently completed private placement, coupled with a 60%-subscribed rights issue, were part of Omesti’s restructuring exercise.

Insas’ stake in Omesti is entirely indirect. Insas-linked entities disposed of the 8.498% stake.

Omesti’s 17.18%-owned Microlink Solutions Bhd (KL:MICROLN) disposed of 85 million shares (a 3.66% stake), Gryphon Asset Management Sdn Bhd disposed of 50.32 million shares (2.17%), Insas Plaza Sdn Bhd disposed of 39.63 million shares (1.71% stake), Montego Assets Ltd disposed of 15.4 million (0.66%), and Winfields Development Pte Ltd disposed of seven million shares (0.3%).

Bloomberg’s off-market data showed four blocks totalling 112.35 million shares changed hands at 8.3 sen apiece, and another block of 85 million shares at 10 sen per share. All in all, the 197.35 million shares were traded for a total RM19.06 million.

Omesti deputy chairman Datuk Seri Thong Kok Khee, who is also Insas’ founder, saw his indirect stake in Omesti fall to 4.639%.

Omesti’s substantial shareholders now comprise founder Datuk Mah Siew Kwok with a 15.8% direct stake, Kenanga Yield Enhancement Fund (9.04%) and executive director Monteiro Gerard Clair with a 4.9% direct stake and a 2.86% indirect stake.

Separately, Omesti posted a net loss of RM79.11 million for the one-month period ended Oct 31, dragged by writedowns on other investments, finance cost from early settlement of redeemable preference shares and expenses incurred from corporate proposals.

Revenue stood at RM8.68 million. The company changed its financial year-end from end-September to end-October “to accommodate the completion of key corporate exercises targeted for Oct 15 and 31, 2025, to reflect the strengthening balance sheet and shareholders funds”.

Shares in Omesti ended unchanged at 8.5 sen on Tuesday, valuing the company at RM186.44 million.

Meanwhile, Insas’ shares closed one sen or 1.16% higher at 87.5 sen, valuing the company at RM603.53 million.

Read also:
8.5% Omesti stake traded off-market
Omesti plans share issuances to settle debt and capital reduction to slash accumulated losses