Chin Hin’s Chiau family buys 5.4% in K Seng Seng for RM8.3m

• KSSC is a one-stop manufacturer and trader for a wide range of stainless steel industrial hardware including tubes, pipes, sheets, flat bar, fasteners and marine hardware such as polypropylene ropes and propellers.

KUALA LUMPUR (Feb 18): Chin Hin Group-linked Chiau Haw Loon and Chiau Haw Yew have emerged as the third largest shareholder of K Seng Seng Corporation Bhd (KL:KSSC) after acquiring a 5.4% stake in the company via a direct business transaction.

The brothers, via private entity Enrich Signature Sdn Bhd, bought 10 million shares in KSSC last Friday (Feb 14) at 83 sen per share — a 10.7% premium over KSSC’s net tangible asset per share of 75 sen — for RM8.3 million, Bloomberg data showed.

The brothers are sons of Chin Hin Group founder Datuk Seri Chiau Beng Teik.

KSSC is a one-stop manufacturer and trader for a wide range of stainless steel industrial hardware including tubes, pipes, sheets, flat bar, fasteners and marine hardware such as polypropylene ropes and propellers.

The group is diversifying into precision machined parts manufacturing, following the acquisition of a 40% stake in Metalmach Micro Technology Sdn Bhd for RM14 million. KSSC funded the acquisition by raising RM29.45 million through a series of private placements in 2024.

In the cumulative nine months ended Sept 30, 2024 (9MFY2024), the group’s posted a net profit of RM3.63 million as compared to a net loss of RM3.14 million a year ago, as its cumulative revenue increased 52.7% to RM230.68 million from RM151.07 million in 9MFY2023.

As of Sept 30, it is in a net debt position of RM124.06 million with cash of RM23.8 million and total bank borrowings of RM147.86 million.

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