Acoustech MD acquires 7.8% of the capital of CN Asia Corp

PETALING JAYA: CN Asia Corp Bhd saw the emergence of a new major shareholder after Yee Wei Meng bought a 7.79% stake in the company.

Yee, who was recently appointed CEO of Acoustech Bhd Group, on Wednesday acquired 11.76 million ordinary shares of CN Asia.

He is currently the group’s largest shareholder.

Based on the analysis of CN Asia’s holdings as of March 23 in its annual report, the two main shareholders were then Yi-Lai Marketing Sdn Bhd and Yip Chun Mei, with a stake of 4.92% and 4.81% respectively.

Yee was the former Managing Director of GIIB Holdings Bhd Group and has since been reappointed as a non-executive non-independent director on February 17.

He also sits on the board of directors of Fontern International Group and Transgrow Group.

CN Asia, which manufactures tanks and ships, also bought the entire stake in Southborn Capital Sdn Bhd for RM160,000 on Wednesday.

Southborn Capital is engaged in the money lending services industry and has a money lender license valid until December 3, 2022.

CN Asia said the strategic rationale for the acquisition is to expand the revenue stream and revenue base of CN Asia Group through the money lending business.

“He is expected to make a positive contribution to CN Asia after taking into account the economic situation, the relatively longer processing times and the stricter lending requirements imposed by banks and financial institutions, as well as the demand for financing from individuals and businesses. businesses from approved lenders for various reasons such as personal financing. , business start-up and expansion, project financing and more.

“Some segments of borrowers may not have access to credit facilities from banks and financial institutions due to relatively stricter loan requirements,” he said in his file with Bursa Malaysia.

The Board of Directors believed that the current difficult economic environment given the recent Covid-19 outbreak and the outlook for the loan market in Malaysia, CN Asia will have opportunities to expand its money lending business.

CN Asia added four sen or 6.45% to 66 sen yesterday with a total of 25.51 million shares traded.

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