KUALA LUMPUR (June 5): Leong Hup International Bhd’s (KL:LHI) group chief executive officer Tan Sri Lau Tuang Nguang has acquired a total of 8.88 million shares in the poultry, egg and livestock feed producer over the past week, for about RM5.02 million.

According to a Bursa Malaysia filing on Wednesday, Lau bought two blocks of shares — two million shares and one million shares — for 56 sen apiece last Friday (May 31).

The purchase continued on Tuesday (June 4). Lau bought 4.04 million shares for 57 sen apiece and two blocks of shares — 965,000 shares and 875,000 shares — for 57 sen apiece on Wednesday.

These transactions raised his direct stake in Leong Hup to 0.24%. He also holds a 1.74% indirect stake in the group.

Lau is the brother of Tan Sri Lau Eng Guang and Lau Chia Nguang, and the uncle to Datuk Lau Joo Hong, Lau Joo Han and Lau Joo Keat, who are directors and major shareholders of the company.

Leong Hup’s share price has been hovering around 55 sen, after the stock fell from its three-year high of 73 sen in late February. The selldown on the poultry firm was mainly driven by expectation of lower earnings for the financial year ending Dec 31, 2024 (FY2024), amid absence of subsidies and lack of demand growth catalysts.

However, Leong Hup’s net profit for 1QFY2024 more than doubled to RM56.58 million, as compared to RM22.14 million a year earlier, thanks to the turnaround in its Indonesian operations on better margins for chicks and chickens. Quarterly revenue increased nearly 10% to RM2.41 billion, from RM2.2 billion a year ago.