KUALA LUMPUR (Sept 17): Construction company FBG Holdings Bhd's (KL:FBG) group executive chairman Tan Sri Chan Kong Choy has emerged as its substantial shareholder with an indirect 8.653% stake in the company.

This came about after the former transport minister's private vehicle Infinite Horizons Capital Sdn Bhd acquired 58.42 million shares representing a 7.878% stake in the company on Sept 17 via a married deal. The deal gave Chan a deemed interest in 64.17 million FBG shares.

A back-of-the-envelope calculation showed that this block of shares would have cost RM13.44 million, based on Wednesday’s closing price of 23 sen per share.

The block of shares was acquired from its deputy chairman Tan Sri Kuan Peng Ching @ Kuan Peng Soon. Post-disposal, Kuan still has 52.32 million shares or an indirect stake of 7.055% in the company.

Formerly known as Fajarbaru Builder Group Bhd, FBG reported a net profit of RM7.03 million in the financial year ended June 30, 2025 (FY2025), down 87% from RM54.01 million in FY2024, as revenue shrank to RM476.57 million from RM497.41 million.

Chan was first appointed as the independent non-executive chairman of Fajarbaru Builder Group Bhd on April 1, 2021, before being redesignated as the group executive chairman on Dec 16 that same year.

With its stock price closing at 23 sen apiece on Wednesday, up one sen or 4.55% from last Friday's close, FBG has a market capitalisation of RM171 million.