KUALA LUMPUR (May 12): Engineering firm LNG Resources Bhd sees the emergence of a new substantial shareholder, Tan Ching Ling, after the latter acquired 12.105 million shares that represent a 5% stake in the company on April 29 from the open market.
However, based on the company’s filing with the exchange today, the price of the shares was not disclosed.
LNG Resources’ core business includes providing high precision engineering and precision injection moulding services.
For the financial year ended Dec 31, 2014, the company’s net profit fell 95% to RM430,000 from RM7.58 million in the preceding year on sale of lower margin products and lower revenue contribution from its precision engineering segment.
LNG Resources (fundamental: 0.75; valuation: 1.1) closed 1.5 sen or 7.5% lower at 18.5 sen today, bringing its market capitalisation to RM48.4 million.
LNGRES (0025)
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