KUALA LUMPUR: A new shareholder has emerged in Anzo Holdings Bhd, less than a week after the company sealed a RM1.3 billion contract to supply millberry/candy copper scrap to a South Korean-based steel making group.
In a filing with Bursa Malaysia today, Anzo said CSTME Resources Sdn Bhd had been buying up shares in the company and was now a substantial shareholder with an 11.621 per cent stake.
Things could get more exciting for Anzo.
Rumours has it that a Chinese global fund had been buying up shares in Anzo and would likely end up as a majority shareholder in the timber and property development company.
It is understood that Anzo was expected to make an announcement on a new shareholder as early as this week.
Anzo fell three sen today to close at 14.5 sen, with some 216.4 million shares traded.
It was the third most active stock traded on Bursa Malaysia.
Last week Anzo, its subsidiaries and CSTME entered into an agreement to supply millberry/candy copper scrap to the South Korean group.
CSTME had agreed to purchase birch/cliff copper scrap or berry/candy copper scrap from Anzo.
CSTME is one of the major importers and exporters of non-ferrous materials in Malaysia, specialising mainly in copper products.
Anzo said it would supply up to 60,000 tonnes of copper scrap to CSTME at RM23,000 tonnes 40 months.
CSTME, which has an AP (approved permit) license, will buy the products from Anzo before exporting to the South Korean group from July 1.
The Korean group is buying the products indirectly from Anzo for remelting into copper plates and copper products for industrial and electrical construction purposes.
Anzo said the deal was expected to strengthen its trading business for sustainable earnings in a long period, as well as create business opportunities in the international export market.
Its managing director Datuk Eddie Chai Woon Chet told the New Straits Times last week that with the deal, Anzo was expected to turn around in the current year ending July 31, 2020.
Anzo has been actively seeking new businesses to diversify its income stream after posting losses for many quarters.