Insas, Mieco, SYF Resources seek trading suspension on Wednesday pending announcement
KUALA LUMPUR (Oct 5): Insas Bhd, Mieco Chipboard Bhd and SYF Resources Bhd have all requested for the suspension of trading in their shares on Wednesday (Oct 6).
In separate filings, the three related companies said trading in their respective shares will be suspended with effect from 9am, pending an announcement.
Mieco group managing director and largest shareholder (with a 57.44% stake) Datuk Seri Ng Ah Chai is also the largest shareholder of SYF (with a 23.6% stake), Bloomberg data showed.
The two companies also share common directors, namely Keith Ng Wei Ping, who is an executive director of Mieco and SYF, and Abdul Rashid Mat Amin, who is a non-executive director of both companies.
Meanwhile, Insas is a substantial shareholder of SYF with an 8.36% stake. Insas chief executive officer Datuk Wong Gian Kui also sits on the board of SYF as a non-executive director.
Insas shares closed unchanged at 97.5 sen on Tuesday for a market capitalisation of RM676.01 million. Mieco rose 0.5 sen or 1% to 50.5 sen, valuing the company at RM424.2 million. SYF fell two sen or 4.5% to 42.5 sen, translating to RM244 million in market capitalisation.