KUALA LUMPUR (March 17): Copper wire and rod manufacturer Ta Win Holdings Bhd (KL:TAWIN) has undergone a board reshuffle following changes to its substantial shareholders.

In a filing with Bursa Malaysia, 2K Capital Sdn Bhd emerged as a substantial shareholder in Ta Win after acquiring 815.62 million shares, representing a 22.12% stake, via a direct business transaction.

2K capital is the private vehicle of Datuk Low Kok Yew, who was appointed non-executive director of Ta Win on Wednesday.

Low now holds a 24.34% stake or 893.64 million shares in Ta Win, including a 2.12% indirect stake through investment vehicle Triad Capital Sdn Bhd.

The transactions were carried out between March 14 and March 17, when the company's share price ranged from three sen to 3.5 sen. Based on these prices, the total acquisition cost is estimated at RM30.57 million.

According to the Companies Commission of Malaysia, 2K Capital is jointly owned by Low, Datuk Sri Ngu Tieng Ung, Low Kok Kim and Yeap Wai Meng.

In a separate filing on Wednesday, Ta Win also announced that Ngu, who currently holds a 26.17% direct and an indirect 26.17% stake, has been redesignated from executive director to senior executive director, effective immediately. Meanwhile, Yeap has been appointed executive director of the company.

In addition, Ta Win also saw the appointment of Tam Keng Soon as independent non-executive chairman, with Kua Chin Teck as independent non-executive director. Kua also serves as a director at Wellspire Holdings Bhd (KL:WELLS).

Notably, the changes in the boardroom follow Ta Win’s announcement in a separate filing on Wednesday that Timur Enterprise Sdn Bhd has ceased to be a substantial shareholder in the company, after disposing of its entire 8.83% stake (304.96 million shares) via a direct business transaction on March 17. Based on the closing price of 3.5 sen that day, the sale was valued at approximately RM10.67 million.

Datuk Yeo Boon Leong, executive chairman at Asia Poly (KL:ASIAPLY), has also exited his position, disposing of his entire 5.52% direct and 2.36% indirect stakes, totalling 289.64 million shares, through a direct business transaction. The sale, based on Wednesday’s closing price of three sen, was worth an estimated RM8.68 million.

These developments follow Ta Win’s announcement on Monday that Asia Poly had ceased to be a substantial shareholder after selling its entire 5.59% stake via a direct business transaction. Concurrently, Yeo resigned as Ta Win’s chairman and non-independent non-executive director, citing personal commitments.

Non-independent non-executive director Lim Boon Shen has also resigned for the same reason.

Ta Win has been loss-making since the financial year ended June 30, 2020 (FY2020). In its latest quarterly results, the company reported a net loss of RM3.34 million on revenue of RM146.13 million for 2QFY2025.

Shares of Ta Win closed down half a sen or 14.29% to three sen on Wednesday, giving the company a market capitalisation of RM91.79 million.

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Asia Poly disposes of entire stake in Ta Win