KUALA LUMPUR (Jan 13): FRONTKEN CORPORATION BHD [] executive chairman and managing director Wong Hua Choon has disposed of his entire stake in the company, comprising of 59.50 million shares or 5.8% stake.
Filings to Bursa Malaysia showed that Wong sold all the shares at 12 sen in two blocks to its German shareholder Jorg Helmut Hohnloser on Friday. Its net asset per share was 21 sen.
Hognloser’s shareholding increased to 28.8% or 290.99 million shares after he acquired the shares.
According to Frontken’s company website, Wong is the co-founder of and its subsidiaries. It said he has more than 20 years of experience in the business of surface TECHNOLOGY [], including setting up of research and development and engineering application in thermal coating processes.
Frontken provides surface metamorphosis engineering in Asean countries, which focuses on increasing the efficiency and extending the lifespan of machinery and equipment.
The group uses numerous thermal spray coating methods to improve the operations efficiency of various turnkey industries, including the oil and gas, petrochemical, power generation, semiconductor and electronics manufacturing sectors.
In the third quarter ended Sept 30, 2011, it posted net profit of RM65,000 compared with RM1.99 million a year ago. Its revenue was 36.9% higher at RM45.61 million compared with RM33.31 million a year ago.
For the nine-months ended Sept 30, 2011, it reported net profit of RM4.23 million, down 54.8% from RM9.37 million in the previous corresponding period. Revenue was 40% higher at RM146.39 million compared with RM104.56 million a year ago.
It had bank borrowings of RM47.76 million as at Sept 30, 2011 while it had trade receivables of RM67.86 million and cash and bank balances of RM21.40 million.
Filings to Bursa Malaysia showed that Wong sold all the shares at 12 sen in two blocks to its German shareholder Jorg Helmut Hohnloser on Friday. Its net asset per share was 21 sen.
Hognloser’s shareholding increased to 28.8% or 290.99 million shares after he acquired the shares.
According to Frontken’s company website, Wong is the co-founder of and its subsidiaries. It said he has more than 20 years of experience in the business of surface TECHNOLOGY [], including setting up of research and development and engineering application in thermal coating processes.
Frontken provides surface metamorphosis engineering in Asean countries, which focuses on increasing the efficiency and extending the lifespan of machinery and equipment.
The group uses numerous thermal spray coating methods to improve the operations efficiency of various turnkey industries, including the oil and gas, petrochemical, power generation, semiconductor and electronics manufacturing sectors.
In the third quarter ended Sept 30, 2011, it posted net profit of RM65,000 compared with RM1.99 million a year ago. Its revenue was 36.9% higher at RM45.61 million compared with RM33.31 million a year ago.
For the nine-months ended Sept 30, 2011, it reported net profit of RM4.23 million, down 54.8% from RM9.37 million in the previous corresponding period. Revenue was 40% higher at RM146.39 million compared with RM104.56 million a year ago.
It had bank borrowings of RM47.76 million as at Sept 30, 2011 while it had trade receivables of RM67.86 million and cash and bank balances of RM21.40 million.
