KUALA LUMPUR: Businessmen Datuk Wira Mubarak Hussain Akhtar Husni and Datuk Lai Keng Onn, via Voultier Sdn Bhd, has completed the acquisition of a 51 per cent stake in financially-troubled EA Technique (M) Bhd (EATech).
Voultier now owns the majority stake in EATech after subscribing for 676.39 million shares through a share issuance as part of the company's regularisation plan to address its Practice Note 17 (PN17) status, according to its filing to Bursa Malaysia today.
Earlier on June 24, EATech's shareholders gave the nod to exclude the two businessmen from the obligation to undertake a mandatory takeover offer.
Following the exercise, Voultier emerged as the largest shareholder in the marine transportation and offshore storage company.
Voultier is owned 70 per cent by Mubarak, who is also Kinergy Advancement Bhd (KAB) non-independent non-executive director, and 30 per cent by Datuk Lai Keng Onn, KAB executive deputy chairman and group managing director.
The share issuance of up to 795.75 million shares, representing 60 per cent of EATech's enlarged share capital, marks the completion of its regularisation plan.
Following the completion of the share issuance, Johor Corp becomes EATech's second-largest shareholder with a 21 per cent indirect stake, of which 20 per cent is held through Sindora Bhd and 1.0 per cent through Kulim (Malaysia) Bhd.
For the first quarter ended on March 31, 2024, the company's net profit fell to RM6.89 million from RM7.49 million a year earlier.
Its quarterly revenue dropped nine per cent to RM31.2 million from RM34.31 million, due to the contract expiry for its floating, storage and offloading vessel.