KUALA LUMPUR (Jan 17): Econframe Bhd, the total door system solution provider, said Hooi Jia Hao has emerged as a substantial shareholder after acquiring another 25.26 million shares or 7.68% in the company.

This raises Hooi's total shareholding in the company to 31.61 million shares or a 9.73% stake.

According to the company's filing with Bursa Malaysia on Monday (Jan 17), Hooi bought the 25.26 million shares through a direct business transaction on Jan 13.

The company did not disclose the value of the transaction.

A calculation done on the back of an envelope, based on Econframe's closing price of 49.5 sen on Jan 13, showed that the block would have cost Hooi RM12.5 million.

Hooi's background is not immediately known.

On Monday, Econframe shares closed up half a sen or 1.03% to 49 sen, giving a market capitalisation of RM159 million. The shares have rallied 75% since the company floated its initial public offering at 28 sen per share in October 2020.