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Tex Cycle’s largest shareholder exits group

KUALA LUMPUR (April 28): Tex Cycle Technology (M) Bhd’s largest shareholder, Can Cycle Sdn Bhd, has disposed of its entire 31.57% stake in the home-grown scheduled waste recycling company.

A bourse filing on Friday (April 28) showed that the transaction was carried out on Thursday in a direct business transaction.

If the sale was transacted at Tex Cycle’s closing price of 75 sen on Thursday, the 31.57% stake — comprising 80 million shares — would have earned Can Cycle RM60 million.

The identity of the buyer was not immediately known.

Can Cycle is a private vehicle jointly-owned by Tex Cycle’s directors Ho Siew Choong and his brothers Siew Cheong and Siew Weng, as well as Periasamy Sinakalai (S Perry).

According to separate filings, Siew Choong and S Perry have resigned from the board as the executive chairman and executive director, respectively. Both cited “personal commitments’ as the reason for their resignation, which took effect on Friday.

Siew Choong’s brothers remain on the board as executive directors.

Meanwhile, Tex Cycle has appointed Chin Hin Group Bhd’s former executive director, Lee Hai Peng, as its new executive director.

The company also announced the appointment of Datuk Yeo Chun Sing as an independent and non-executive director. Yeo was previously an executive director of Chin Hin Group Property Bhd.

Tex Cycle’s share price has risen 80.49% year to date from 40.5 sen. On Friday, the counter closed down one sen or 1.33% at 74 sen, valuing the company at RM189.58 million.

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