Urusharta Jamaah ceases to be substantial shareholder in Pintaras Jaya

• After the sale, Urusharta Jamaah will no longer hold any stake in Pintaras Jaya.

KUALA LUMPUR (April 29): Pintaras Jaya Bhd (KL:PTARAS) said on Monday that Urusharta Jamaah Sdn Bhd, a special purpose vehicle established under the Ministry of Finance, has ceased to be a substantial shareholder of the company.

According to a bourse filing, Urusharta Jamaah disposed of all 11.35 million shares — representing a 6.84% stake in the construction firm — last Wednesday. Based on the closing price of RM1.48 sen on that day, the stake is estimated to be worth RM16.80 million.

After the sale, Urusharta Jamaah will no longer hold any stake in Pintaras Jaya.

Urusharta Jamaah had acquired the 11.35 million shares from Lembaga Tabung Haji as part of the latter’s balance sheet restructuring exercise in December 2018.

The company’s chairman and managing director, Chiu Hong Keong, is the largest shareholder, holding a 14.66% direct stake and a 43.83% indirect stake through Pintaras Bina Sdn Bhd. His spouse, Khoo Yok Kee, who is also the company’s executive director, holds a 7.39% direct stake and a 51.11% indirect stake via Pintaras Bina.

Pintaras Jaya, a piling and foundation specialist, returned to the black with a net profit of RM12.43 million for the second quarter ended Dec 31, 2024 (2QFY2025), compared with a net loss of RM5.36 million a year earlier. Earnings per share stood at 7.5 sen, versus a loss per share of 3.2 sen previously. Quarterly revenue rose 34.05% to RM82.54 million from RM61.57 million.

The improved performance was driven by higher contributions from both its construction and manufacturing divisions, as well as increased investment income.

For the cumulative six months ended Dec 31, 2024 (1HFY2025), the company recorded a net profit of RM16.36 million, reversing a net loss of RM4.17 million a year earlier. Earnings per share rose to 9.9 sen, compared to a loss per share of 2.5 sen previously. Revenue increased by 44.76% to RM190.89 million from RM131.86 million a year ago.

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