Quick take: Goodway rises 8% on new substantial shareholder

KUALA LUMPUR: Goodway Integrated Industries Bhd rose over 8% in early trade Thursday after the company announced a new substantial shareholder.

The tyre manufacturer added 8.11%, or 1.5 sen to 20 sen with 657,900 shares.

Goodway Integrated has a new substantial shareholder, Yee Wei Meng, who acquired 14.5 million shares in an off-market transaction, increasing his stake to 11.93%.

Yee is likely to have bought his shares from Goodway’s largest shareholder Ng Chee Siong, who sold off half of his shares or 14.5 million in an off-market transaction as well.

Following the transactions, Ng now remains with an 11.93% stake in Goodway.

Ng first emerged as Goodway’s largest shareholder in November 2019, when he acquired a 23.86% stake.

Source: TheStar