Datuk Seri Wong Sze Chien and Seah Ley Hong have emerged as substantial shareholders of property developer Magna Prima Bhd after they acquired 95 million shares or a 23.91% stake through their private vehicle Edxus Solutions Sdn Bhd on Sept 27.

KUALA LUMPUR (Sept 30): Datuk Seri Wong Sze Chien and Seah Ley Hong have emerged as substantial shareholders of property developer Magna Prima Bhd (KL:MAGNA) through their private vehicle, Edxus Solutions Sdn Bhd.

On Sept 27, Edxus Solutions acquired 95 million shares or a 23.91% stake in Magna Prima via a direct business transaction, its filings with the stock exchange showed. However, the acquisition price was not disclosed.

Following the acquisition, Edxus Solutions now holds 26.93% of Magna Prima, being the largest shareholder. Magna Prima’s other substantial shareholders include Lee Hock Seng (12.74%) and Joanne Yew Hong Im (6.54%).

Worth noting is that Wong is the largest shareholder in construction company Tafi Industries Bhd (KL:TAFI) with direct and indirect stakes of 2.73% and 54.5% respectively. He also owns direct and indirect stakes of 1.68% and 10.85% in plastic manufacturer Scanwolf Corp Bhd (KL:SCANWOLF).

Seah, on the other hand, has direct and indirect stakes of 4.68% and 7.01% in Scanwolf.

On the same day (Sept 27), Magna Prima executive director Tan Chin Yen ceased to be a substantial shareholder after disposing of 64.78 million shares or a 16.94% stake via an off-market transaction for RM51.82 million.

Also, Fantastic Realty Sdn Bhd disposed of 39.85 million shares or a 9.98% stake on Sept 26 and 27, thereby reducing its stake in Magna Prima to 7.69%.

Magna Prima recently reported a turnaround in its financial performance, posting a net profit of RM31.91 million for the second quarter ended June 30, 2024 (2QFY2024), compared to a net loss of RM1.57 million in the same period last year.

The company attributed the improved earnings to profit derived from the development of its Jalan Ampang land and a reversal of prior-year operating expenses.

Shares of Magna Prima settled half a sen or 0.72% higher at 69.5 sen, giving the company a market capitalisation of RM277.41 million.