Asia Media CEO raises stake in Bright Packaging

by **Cals** Fri 25 Oct 2013, 06:41

Posted on 25 October 2013 - 05:40am

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PETALING JAYA (Oct 25, 2013): Asia Media Group Bhd founder and CEO Datuk Ricky Wong Shee Kai, who recently emerged as a substantial shareholder in Bright Packaging Industry Bhd with a 22.73% stake, raised his stake in the aluminum foil packaging material maker to 23.56% or 10.2 million shares by acquiring an additional 360,000 shares through the open market yesterday.

Wong acquired another 0.83% stake through his private investment vehicle, Wong SK Holdings Sdn Bhd.

Bright Packaging's net profit doubled to RM2.98 million for the fourth quarter ended Aug 31, 2013 (Q4FY13) from RM1.48 million a year ago, on the back of higher revaluation gains on its properties.

In a filing with Bursa Malaysia yesterday, Bright Packaging said it had engaged Raine & Horne International Zaki + Partners Sdn Bhd to revalue two parcels of its freehold land and building located at Lot 20 & Lot 23 of Subang Hi-Tech Industrial Park in Shah Alam, Selangor.

"Based on a valuation report, the properties are valued at RM28.2 million and it has resulted in a revaluation surplus of RM18.05 million which has been recognised in the (fourth) quarter's financial statements. The last revaluation of the properties was carried out in 2006," it added.

Its revenue for Q4FY13 rose 55% to RM20.83 million from RM13.46 million, due to an increase in local customers' order from the liquor and confectionery industries.

The improved results lifted the group's full year net profit to RM7.03 million, up 86% from RM3.78 million a year ago, despite revenue falling by 7% to RM52.22 million from RM56.07 million.

The group blamed the revenue drop to the distractions of a management shakeup earlier this year.

In a separate statement, Bright Packaging chairman Nik Mustapha Muhamad attributed the better performance to the "management shakeup earlier this year", saying the group is "closing in on our goal of turning around the business".

"We have worked extremely hard since we came onboard and continue to do so in order to deliver on our promise. We have signed up a major client, British American Tobacco and we look forward to expanding our production capacity," its director Datuk Seri Syed Ali Alhabshee said.

To recap, four out of six directors in Bright Packaging, including its managing director Wong See Yaw, were ousted by the requisition party of four shareholders led by Syed Ali, who is chairman of Asia Media, at an EGM early this year.