KUALA LUMPUR (July 13): Revenue Group Bhd chief executive officer Eddie Ng Chee Siong has ceased to be a substantial shareholder of Goodway Integrated Industries Bhd, after disposing of his entire 11.93% stake in the tyre manufacturer.

The disposal of the stake, comprising 14.5 million shares, was carried out on the open market on July 9, according to Goodway’s filing with Bursa Malaysia today.

Ng, who is also the co-founder and managing director of Revenue, first emerged as the largest shareholder of Goodway on Nov 14, 2019 with a 23.86% stake or 29 million shares, before selling off half of the shares in an off-market transaction on Jan 8.

Goodway’s share price settled half a sen or 3.03% lower at 16 sen today, with 3.6 million units exchanging hands. This gave the counter a market capitalisation of RM25.29. Year to date, the stock’s value has shrunk by 15.79% or three sen.