Focus Lumber

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Koon discloses big stake buy in Focus Lumber after 4 weeks

PETALING JAYA: Investor Koon Yew Yin (pic) has emerged as a substantial shareholder in Focus Lumber Bhd since last month.

However, disclosure was only made yesterday, with filings showing that Koon had acquired a 6.71% stake, representing 6.93 million shares, in the Sabah-based hardwood manufacturer on April 11 at an undisclosed price.

Focus Lumber said it only received notification from Koon over his emergence as a substantial shareholder in the group on May 9.

Focus Lumber’s shares closed one sen higher yesterday at RM2.05.

Koon, an 82-year-old retired civil engineer who founded IJM Corp Bhd, Gamuda Bhd and Mudajaya Group Bhd, is known to have made his money through shrewd investments in stocks.

He has already been in the spotlight lately for untimely disclosures in relation to his investments in VS Industry Bhd and Latitude Tree Holdings Bhd.

According to Bursa Malaysia’s listing requirements, a substantial shareholder needs to give notice on their acquisitions or disposals two weeks from the day they buy or sell the shares.

Koon, however, had disclosed weeks later the disposal of his shares in VS Industry and Latitude Tree and now the acquisition of a substantial stake in Focus Lumber.

In VS Industry’s case, the company on May 4 had announced to Bursa that Koon was no longer a substantial shareholder after having disposed in the market a staggering 44.08 million shares between March 18 and April 11.

Prior to the announcement, Koon was the third-largest shareholder of VS Industry with an 8.8% stake.

He sold his shares from March 18 onwards and the announcement was made on May 4, which was some seven weeks later.

A second incident involved Koon’s substantial shareholding in Latitude Tree, where he was also a substantial shareholder in the integrated household furniture manufacturer with a 5.23% stake or 5.08 million shares prior to his disposal of shares last November.

Koon started acquiring Latitude Tree shares in October 2014 and emerged as a major shareholder with a 5.01% stake.

While he ceased to be a substantial shareholder at end-November 2015, he only gave notice of his disposals in January, two months later.

Based on filings on Jan 11 this year, he acquired, disposed and transferred Latitude Tree shares between Nov 16 and Nov 23.

Source: The Star