LFE chairman Chuah takes 31% of Salutica in RM15.95M off-market deal
What's the deal? LFE CorpDealroom has a profile for this one. Try Dealroom → chairman Chuah Chong San has emerged as the largest shareholder in Malaysia's SaluticaDealroom has a profile for this one. Try Dealroom →, buying 145 million shares — a 31.13% stake — for RM15.95 million, or about 11 sen per share. The off-market transaction closed Thursday, according to Salutica's filing with Bursa MalaysiaDealroom has a profile for this one. Try Dealroom → on Friday.
Why now? The purchase coincides with a leadership shakeup. Executive chairman Lim Chong Shyh and managing director Joshua Lim Phan Yih both resigned, as did alternate director Joel Lim Phan Hong; Phan Yih and Phan Hong are Chong Shyh's sons.
Chuah bought his block the same day Blue Ocean EnlightenmentDealroom has a profile for this one. Try Dealroom → — an investment vehicle linked to the Lim family — sold its 35.41% stake of 166.04 million shares for RM18.26 million. Salutica has since appointed Chuah and Siew Chiew Loon as executive directors.
The backdrop: Salutica restructured earlier this year to streamline operations after seven straight years of losses. The overhaul retrenched about 250 employees — more than half its workforce — from wholly owned subsidiary Salutica Allied SolutionsDealroom has a profile for this one. Try Dealroom →, effective April 30.
By the numbers: For the 12 months ended June 30, 2026, Salutica narrowed its net loss to RM23.36 million from RM29.76 million a year earlier, while revenue rose 38% to RM27.94 million. The company recently changed its financial year end from June 30 to December 31.
The signal: The ownership handover from the founding Lim family to Chuah marks a fresh chapter for a company trying to claw back to profitability. Investors reacted quickly — Salutica shares jumped 39.13% to 16 sen at Friday's noon break, valuing it at RM75.02 million, though the stock remains down 20% year-to-date.
Read more: newswav.com
Image credit: Generated with Gemini
