Manulife back as substantial shareholder in Engtex

KUALA LUMPUR: Financial services group Manulife Holdings Bhd has re-emerged as a substantial shareholder in steel and ductile iron pipe manufacturer Engtex Group Bhd.

In a filing with Bursa Malaysia, Manulife said its wholly-owned subsidiary, Manulife Asset Management Services Bhd, had last Wednesday bought 17.86 million shares representing 5.29% in Engtex.

That would raise its shareholding to about 7.5%,

It did not disclose the price of the shares it bought, but based on Engtex’s closing price of RM1.39 last Friday, the shares were worth about RM24.82mil.

Manulife ceased to be a substantial shareholder of Engtex on April 7 following a dilution in shareholding due to an increase in the total shares issued in Engtex. It had a 5.16% stake prior to that.

Besides manufacturing and distributing pipes, valves and fittings, Engtex is also involved in property development and management of two hotels in the Klang Valley that began operations in the fourth quarter of last year.

For the financial year ended Dec 31, 2016, Engtex recorded a 46.5% jump in earnings to RM59.2mil on revenue of RM1.07bil.

Based on Engtex’s annual report, its biggest shareholder is group managing director Datuk Ng Hook with a 23.99% stake as at March 31.