KUALA LUMPUR (July 23): Cuscapi Bhd executive chairman Datuk Jayakumar Paneer Selvam has reemerged as a substantial shareholder of Excel Force MSC Bhd, even as its managing director Jeff Wang Kuen Chung is stepping down with immediate effect. 

On July 18, Jayakumar converted the company’s warrants into some 39.03 million shares, according to the company’s filling with Bursa Malaysia, and now owns a direct interest 8.293% and indirect 0.017% of the company.   

Jayakumar was a substantial shareholder of Excel Force for a little more than a year in 2016, and exited about two years ago.  

In a separate filing to the bourse, Excel Force announced Wang’s retirement. The 62-year old, a Taiwanese, founded Excel Force with his wife Sharon Sun in 1994.  

The financial services business solutions provider has a share capital of 492.22 million shares. 

Excel Force closed five sen or 7.63% higher to 70.5 sen today, for a market capitalisation of RM347.01 million. Some 114.53 million shares were traded, making it the third most actively-traded stock on Bursa Malaysia.