INGENCO (0034) - New shareholder for Ingenco

INGENCO (0034) - New shareholder for Ingenco


PETALING JAYA: A new shareholder has emerged in ACE market-listed Ingenuity Consolidated Bhd (Ingenco) and he is said to take over as the company’s new managing director.

GD Express Carrier Bhd’s (GDEx) chief operating officer Wong Eng Su bought a 9.22% stake from Ingenco’s former managing director Chin Boon Long last Friday.

Chin and his wife, Chan Swee Ying, are no longer substantial shareholders of Ingenco after they sold off their shares in a private vehicle, Firstwide Success Sdn Bhd, to Wong.

Chin, 47, resigned as the technology company’s managing director due to “health reason and other personal commitments” on Feb 13.

Sources said Wong would be succeeding Chin.

Based on Ingenco’s website, the company provides business software solutions, system integration and services to its clients.

Its clients come from various sectors like services, manufacturing, telecommunications, retail, hospitality and automotive.

The new shareholder, 44-year-old Wong, joined GDEx as sales executive 15 years ago and was appointed a director in 2013. Currently, he takes charge of the express carrier’s business operations.

On the other hand, Chin started his career in the information and communications technology field 20 years ago. Subsequently, he bought into a private company that became one of the authorised dealers of Acer desktops in the country.

Chin also used to be a board member of another technology firm 1 Utopia Bhd.

Interestingly, he resigned from 1 Utopia on the same day he announced his resignation at Ingenco for personal health reason.

Before selling the stake, Chin and his wife were the biggest shareholders in Ingenco.

Chin was under the spotlight three years ago when little-known Ninetology Marketing Sdn Bhd offered to buy 39% of Ingenco shares for 55 sen each. The offer was made to four Ingenco shareholders including Chin.

Back then, Chin held 29% of Ingenco shares and turned down Ninetology’s offer, which represented a huge premium over its market price.

Two weeks ago, the company requested for a further extension for its proposal to place out up to 10% of its issued and paid-up capital.

The private placement was announced last July and the company sought further extension from March 19 until April 18 to complete the exercise. For the third quarter ended Dec 31, 2014, Ingenco made a profit of RM256,000 on the back of RM99.3mil revenue.

Its net assets per share for the period was 10.24 sen.

In the first nine months, it made losses of RM13.4mil and revenue of RM288.59mil.

Ingenco closed 0.5 sen higher at 8.5 sen with a turnover of 19 million shares.

Year-to-date, the stock has climbed 54%, giving it a market cap of RM81.07mil

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