Daughter of Aset Kayamas founder is now Kanger’s largest shareholder

• She subscribed for 122.32 million shares through a private placement on Dec 13, representing a 13.9% stake in the company. That raised her total direct shareholding to 152.32 million shares, representing a 17.23% stake.

KUALA LUMPUR (Dec 19): Chai Woon Yun, daughter of Aset Kayamas founder Tan Sri Datuk Chai Kin Kong, has become the largest shareholder of Kanger International Bhd through a private placement.

She subscribed for 122.32 million shares through a private placement on Dec 13, representing a 13.9% stake in the company. That raised her total direct shareholding to 152.32 million shares, representing a 17.23% stake.

Woon Yun is the former managing director of Permaju Industries Bhd (KL:PERMAJU).

The other substantial shareholder in Kanger is executive director Wu Wai Kong, who holds 5.79% direct and 0.02% indirect stake in the company.

Kanger has announced a few acquisitions in recent years involving Antara Genting Highlands Resort Suites, a development by Aset Kayamas.

In November 2023, Kanger announced the acquisition of 15 proposed serviced apartment units in Tower A of the resort for RM19.77 million. This came after an earlier deal in 2021, when Kanger purchased 126 serviced apartments located on Levels 30 to 45 in the same tower for RM142.87 million.

Antara Genting Highlands Resort Suites is located on 5.33 acres of freehold land, about 850 metres away from SkyAvenue, a premier shopping mall at the hill resort, and the nearby Awana Skyway Chin Swee Station, one of the cable car stations.

Previously focused on the manufacturing and trading of bamboo flooring, furniture and bamboo-related products for residential and commercial markets, Kanger in 2015 obtained shareholders’ approval to diversify into property development, investment and management.

For the financial year ended Sept 30, 2024 (FY2024), Kanger posted a net loss of RM18.2 million, largely dragged by impairment losses, with revenue of RM36.79 million.

The company’s share price, which has fallen over 42% year-to-date, closed unchanged at four sen on Thursday, valuing the group at RM35.4 million.

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