Goodway Integrated’s CEO and largest shareholder sells off almost entire 21.02% stake

TheEdge Thu, Nov 14, 2019 10:43pm - 4 years View Original


KUALA LUMPUR (Nov 14): Loss-making Goodway Integrated Industries Bhd’s largest single shareholder Tai Boon Wee, who is also the group's chief executive officer, sold off almost his entire shareholding in the company via off-market deals in the past two days.

He disposed of a total of 25.462 million shares — 4.726 million representing 3.888% on Wednesday and 20.736 million shares representing 17.057% today — or a total of 20.95% interest in the company, according to the group's stock exchange filing.

It is not known who bought the shares from him.

Following the disposals, he is left with just 85,000 shares or 0.075% stake in Goodway Integrated, which effectively leaves him out of the company's substantial shareholders' list.

According to the company's annual report, Tai held 21.02% as at Oct 11 this year.

Goodway Integrated fell into the red in its financial year ended June 30, 2019, with a net loss of RM27.13 million, against a net profit of RM5.92 million the group achieved in the year before, as revenue halved to RM55.31 million from RM110.23 million.

The company said the weak performance was primarily due to revenue declines from its rubber compound division (down RM10.2 million), which was facing operational constraints, as well as its property development division (down RM23.4 million).

Shares of Goodway closed one sen or 6.25% higher at 17 sen with 38.27 million shares traded, for a market capitalisation of RM20.67 million. The stock has retreated over 24% in the past year.

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