KUALA LUMPUR (June 12): Soaring Success Sdn Bhd, a company linked to the Loh family, has emerged as the largest shareholder in Oriental Holdings Bhd (KL:ORIENT), while some family members have ceased to have deemed interest.

The group's filing with Bursa Malaysia on June 11 (Tuesday) shows that a total of 227.91 million shares, representing a 36.74% stake, were transferred from Pacific Carnival Sdn Bhd to Soaring Success as part of an internal restructuring of the Loh family's private companies.

This shake-up has raised eyebrows, as certain Loh family members have ceased to have deemed interest following the capital distribution by Pacific Carnival to Soaring Success

Soaring Success is owned by Loh Kar Bee Holdings Sdn Bhd, which is controlled by Loh Kar Bee, son of the late Tan Sri Loh Boon Siew, according to Soaring Success' latest filing registered with the Companies Commission of Malaysia, which is based on data from its date of incorporation on Nov, 21, 2023.

However, The Edge learnt that Loh Gim Ean Holdings Sdn Bhd and Loh Phoy Yen Holdings Sdn Bhd are also shareholders in Soaring Success, with 17.8% stake each, while Loh Kar Bee Holdings is its single largest shareholder with a 32.17% stake, while Loh Wei-Lyn has 31.43%.

But Oriental Holdings' filings indicate that Loh Gim Ean Holdings and Loh Phoy Yen Holdings, the private vehicles of Boon Siew’s daughters Loh Gim Ean and Loh Phoy Yen, have ceased to have deemed indirect interest in Oriental Holdings.

Also according to the filings, Datuk Loh Kian Chong, along with Loh Oon Ling and Wei-Lyn, remain its substantial shareholders through Soaring Success.

Kian Chong, the grandson of the late Boon Siew, is currenly the executive chairman of Oriental Holdings, while Wei-Lyn is the daughter of Boon Siew’s late son Loh Kah Kheng and his widow Shirley Kathreyn Yap.

Others who no longer have deemed interest in the group are Oriental Holdings’ executive director Datuk Seri Wira Tan Hui Jing, joint managing director Datuk Seri Lim Su Tong @ Lim Chee Tong, Datuk Lim Kean Seng, Tan Hui Ming, Lim Ee Hean and Lim Ee Ling.

Based on a slew of Bursa Malaysia announcements since late February, The Edge had in April reported that the Penang-based members of the Loh family have joined hands to put their shareholding under a new holding company called Pacific Carnival, which replaced Boon Siew Sdn Bhd as the single-largest shareholder in Oriental Holdings.

With the latest announcement, it is not immediately clear why a further shareholding restructuring occurred, resulting in the majority stake of Oriental Holdings now being transferred from Pacific Carnival to Soaring Success.

Oriental Holdings started out as the first distributor and assembler of Honda vehicles in Malaysia and later expanded into oil palm plantations in Malaysia and Indonesia. It also acquired hotels and resorts in Australia and New Zealand, as well as properties for development and reclamation projects, as part of the group’s land bank for future development.

For the first quarter ended March 31, 2024, the group’s net profit jumped to RM319.48 million from RM94.24 million a year earlier, as revenue increased to RM1.19 billion from RM964.41 million.

Shares of Oriental Holdings closed unchanged at RM6.89 on Tuesday, giving the company a market capitalisation of RM4.27 billion.