KUALA LUMPUR (Dec 6): Loss-making Vsolar Group Bhd has emerged as the largest shareholder of Permaju Industries Bhd with a 16.65% stake, after subscribing to Permaju's one-for-one rights issue.

In a filing, Vsolar said its wholly-owned unit Cubetech Asia Sdn Bhd subscribed to 320 million Permaju rights shares at seven sen apiece, for a total of RM22.4 million, using internally generated funds.

Permaju, in a separate announcement, said a total of 959.81 million rights shares have been listed on Bursa Malaysia.

The company announced the rights issue on Sept 2 to raise RM67.32 million to fund the set-up of its business involving electric vehicle (EV) imports, showroom and aftersales service centre.

On Nov 9, the company issued a joint statement with Focus Dynamics Group Bhd, saying they were collaborating to open a "digital retail concept EV showroom" at the latter's upcoming site in The Arch, Jalan Tun Razak.

Vsolar, which is now the largest shareholder of Permaju, is an associate of Fintec Global Bhd through a 3.28% stake, according to a September report. Fintec also owns 25.9% in Focus Dynamics, according to Bloomberg data at the time.

Shares of Vsolar closed unchanged at 1.5 sen, giving the company a market capitalisation of RM52.63 million.

Permaju rose half a sen or 9.09% to six sen, valuing the company at RM105.74 million.