Ideal Land Holdings Sdn Bhd, a major shareholder in Ireka Corp Bhd, sold 21.67 million shares in an off-market transaction last Friday. Ideal Land, a vehicle controlled by Ireka executive chairman Datuk Lai Siew Wah and his son, Ireka group managing director (MD) Datuk Lai Voon Hon, as well as his daughter and group deputy MD Monica Lai Voon Huey, sold the shares, according to various exchange filings.
The family’s direct interest in Ireka was lowered to 51.83 million shares, or 27.76 percent, down from roughly 39.36 percent previously.
Magnipact Resources Sdn Bhd and Green Riverdale Holdings Sdn Bhd had also ceased to be significant shareholders in the company.
Lai Man Hoi and Chan Soo Har @ Chan Kay Chong are in charge of Magnipact and Green Riverdale. Magnipact also used an off-market transaction to sell 23.1 million shares. Due to its presumed stake held through Magnipact, Green Riverdale likewise ceased to be a significant shareholder of the company.
Man Moi is Siew Wah’s younger brother. Chan Chee Kian, Man Moi and Chan’s son, as well as Siew Wah’s nephew, sits on the group’s board of directors as an executive director.
According to stock exchange filings, Kenanga Investors Bhd now owns 55.93 million shares in Ireka, or 29.96 percent of the company. These shares were purchased in a direct commercial transaction, according to Kenanga.
Ireka’s net loss narrowed to RM24.22 million for the financial year ended March 31, 2021 (FY21) from RM33.29 million the previous year. Meanwhile, full-year sales rose to RM171.75 million from RM157.05 million in FY20.
At 10.11 a.m., shares in the construction, real estate, technology, and urban transportation company were down 0.77 percent, or half a sen, at 64.5 sen, valuing the company at RM120.43 million./n
