BHS Industries appoints its largest shareholder as managing director

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KUALA LUMPUR (Dec 17): Publishing and printing firm BHS Industries Bhd appoints its single largest shareholder Datuk Lim Thiam Huat as its new managing director.

A filing with Bursa Malaysia shows that Lim, who holds a 19.02% stake, is also the managing director and major shareholder of Green Patent Technologies Sdn Bhd.

BHS former chairman and executive director Heng Song Khoon, had resigned on July 24, and his wife Liew Sai Ying and son Heng Boon Seng resigned as an executive director and non-executive director respectively, two days before him.

BHS has been garnering investor interest, especially when two parties — namely Pelaburan MARA Bhd (PMB) and Federal Land Development Authority (FELDA) — became substantial shareholders in the little-known company.

PBM become a substantial shareholder on July 22, after it had acquired six million shares, representing an 8.32% stake in the company. Its current shareholdings in the stands at 13.64%, making it its second largest shareholder after Lim.

FELDA emerged as a substantial shareholder in BHS, on Sept 5. Its shareholdings in the company now stands at 10.87%, making it the third largest shareholder.

For its first quarter ended Sept 30, 2014 (1QFY15), BHS reported a net profit of RM3.87 million — a nearly 35% increase from the RM2.87 million it had reported in 1QFY14, mainly due to gains arising from the disposals of lands and subsidiaries of RM3.1 million.

Its revenue dropped by 22.5% in 1QFY15 to RM13.28 million, from RM17.14 million in 1QFY14, which the company attributed to lower orders from overseas.

BHS shares, which were trading at RM1.34 a year ago, reached a high of RM3.24 on Sept 23. The stock closed at RM2.26 today, rising to a market capitalisation of RM173.1 million.