HK-based investors sell sizeable stake in DVM

KUALA LUMPUR: The two Hong Kong-based shareholders, who recently requested that a special shareholders meeting be held to remove the entire board of DVM Technology Bhd, have sold off a sizeable stake in the company.


The duo, Christian Kwok-Leun Yau Heilesen and Raymond Yip Wai Man, on August 12 filed the requisition for the removal of the directors.

The four directors of DVM that the duo wanted out are managing director Datuk Goh Kian Seng, chairman Tan Sri Abdul Rahman, Kamaruddin Ngah and Lee Keat Hin.

The manner in which the duo bought the shares from the open market and the sudden requisition to remove the directors have had some speculating that a bitter corporate tussle for control of DVM is in the making.

However, a filing to the stock exchange at the end of trading yesterday, showed that Heilesen and Yip are no longer susbtantial shareholders of DVM.

In Malaysia, a substantial shareholder of a public-listed company must hold directly or indirectly a minimum of 5 per cent of the company.

As at Monday this week, Heilesen owned 9.46 per cent (16.65 million shares) of DVM, while Yip had 10.43 per cent (18.36 million shares).

Heilesen, 27, is founder and chief executive of Funmobile, a company he set up seven years ago, while Yip is its chief financial officer.

Funmobile is an Internet and mobile entertainment provider which also provides infotainment products for both mobile devices and computers.

The duo had emerged as substantial shareholder of DVM on August 2 this year by buying DVM shares in the open market.

Likewise, they are no longer substantial shareholders of DVM after selling off some of their shares in the open market.

Yip sold 9.807 million shares, while Heilsen sold off 8.35 million shares.

This is the second time, in as many weeks, a substantial shareholder has emerged in an ACE Market-listed company, only to sell down the stake in a short time.

A week ago, Business Times reported that Datuk Md Wira Dani Abdul Daim, son of former finance minister Tun Daim Zainuddin, had been in and out of Sanichi Technology Bhd in a flash.

On August 3, Wira Dani bought 10 million shares, or 6.1 per cent, of the loss-making plastic injection mould manufacturer.

Just two days later, he sold all of the shares for an undisclosed price, according to Sanichi's filing to Bursa Malaysia.