KUALA LUMPUR (Sept 18): WTK Holdings Bhd's (KL:WTK) managing director Datuk Seri Patrick Wong Haw Yeong has emerged as a substantial shareholder in the company after raising his stake to 6.24%.

Wong acquired 20 million shares in the Sarawak-based timber and plantation group from his uncle Wong Kie Chie via direct business transaction on Friday (Sept 13), WTK bourse filing showed.

The shares were acquired at RM12 million or 60 sen per share, which is at a premium of 13.5 sen or 29% to its closing price of 46.5 sen on the day of the transaction, Bloomberg data showed.

With the disposal, Kie Chie is left with 375,524 WTK shares or a 0.08% direct stake.

Kie Chie also has a deemed interest of 31.39% in WTK, together with Haw Yeong's father Datuk Seri Wong Kie Yik, as well as the estate of the late Datuk Wong Kie Nai.

The 31.39% stake is held via WTK Realty Sdn Bhd, Ocarina Development Sdn Bhd, Kosa Bahagia Sdn Bhd and Harbour-View Realty Sdn Bhd, according to WTK's annual report.

This year, WTK shares saw a rally that pushed its price to above 50 sen apiece, but the counter has been on a downtrend since June.

In the six months ended June 30, 2024 (1HFY2024), WTK booked profit of RM6.35 million or 1.36 sen per share, up from RM1.68 million or 0.36 sen per share a year ago as revenue jumped 37.29% to RM333.35 million, from RM242.81 million.

The better earnings came as losses halved in its timber segment, while the plantation segment profit more than doubled in the period.

Shares of WTK last traded at 46 sen, giving the group a market capitalisation of RM215.19 million.