KUALA LUMPUR (Oct 25): JAG Capital Holdings Sdn Bhd, the investment vehicle for businessman and UMNO politician Datuk Seri Johari Abdul Ghani, has increased its stake in MyNews Holdings Bhd to 13.85% from 10.02% in mid-July.
In a filing with Bursa Malaysia on Wednesday, MyNews showed that JAG Capital acquired 240,000 MyNews shares in the open market on Oct 23, and an additional 28.50 million shares on the following day, through off-market deal transactions.
JAG Capital emerged as the second largest shareholder of MyNews in mid-July.
Last month, MyNews saw a boardroom shake-up following the resignation of its executive chairman Ding Lien Bing, effective from Sept 30, and the appointment of group chief executive officer Dang Tai Luk to replace Ding.
Dang and his two brothers Tai Wen and Tai Hock are shareholders of D&D Consolidated Sdn Bhd, the biggest shareholder of MyNews.
As of Aug 3, D&D Consolidated held 394.22 million shares, corresponding to a direct interest of 52.53%.
MyNews, which operates more than half of its 615 convenience store outlets in the Klang Valley, has continued to underperform post-pandemic, amid a competitive operating environment and operational challenges in growing CU, its South Korean convenience store chain.
Currently, Johari holds a stake of 32.96% in both KUB Malaysia Bhd and CI Holdings Bhd through JAG Capital.
He was previously involved in KFC Holdings (M) Bhd and QSR Brands Bhd, but sold off his holdings in 2005.
Shares in MyNews closed half a sen or 0.98% higher at 51.5 sen on Wednesday, giving it a market capitalisation of RM386 million. Year to date, the stock has fallen by 18.25%.
Source : THE EDGE