KUALA LUMPUR: PPB Group Bhd has emerged as a substantial shareholder in Techbond Group Bhd following the acquisition of a 15 per cent-stake in the company from its managing director Lee Seng Thye's company Sonicbond Sdn Bhd.
Sonicbond still holds a 54.391 per cent interest in Techbond after the sale of the stake.
Lee said the purchase represents a strong vote of confidence in its strategic direction and growth potential.
He said Techbond believes this partnership will create significant value for all stakeholders as the company continues to execute on its growth strategies.
"Looking ahead, the group's outlook remains bright, underpinned by healthy order flow and demand recovery from our customers along with positive progress from our upstream polymerization plant. "The company aims to close the financial year 2024 (FY24) on a high note and carry this momentum into FY25," he said in a statement.
To recap, for the nine-month financial results for the period ended March 31, 2024 (9MFY24), Techbond delivered its highest-ever cumulative nine-month revenue at RM112.6 million, a jump of 50.5 per cent year-on-year (YoY) from RM74.8 million last year.
The double-digit improvement was chiefly driven by healthy order flow from the markets it serves and continued recovery of key industries.
Techbond's share price closed unchanged at 44 sen a share, giving it a market capitalisation of RM238.9 million.