KUALA LUMPUR (Feb 19): A fund managed by Kenanga Investors Bhd has emerged as a substantial shareholder of Omesti Bhd with a 6.46% stake.

According to a filing on Monday, Kenanga Investors bought the stake comprising 34.94 million shares in the IT solutions provider on Feb 15, as the investment manager of Kenanga Islamic Absolute Return Fund.

Notably, its emergence as a substantial shareholder of Omesti came on the same day it increased its stake in Microlink Solutions Bhd by 4.9% to 21.48%. Microlink is 34.27%-owned by Omesti.

Besides Kenanga Investors, Omesti’s substantial shareholders include non-independent non-executive director Monteiro Gerard Clair with a 19.51% stake, followed by Datuk Mah Siew Kwok with 18.54% and deputy chairman and non-independent non-executive director Datuk Seri Thong Kok Khee with 9.96%.

Omesti’s net loss of RM5.99 million for the second quarter ended Sept 30, 2023 extended its time in the red to four consecutive quarters, versus a net profit of RM168.04 million a year earlier on a one-off gain from the disposal of a unit.

Quarterly revenue rose 28.66% to RM26.88 million from RM20.89 million on higher order fulfilments.  

Shares in Omesti ended half a sen or 1.82% lower at 27 sen, valuing the company at RM143.37 million.

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Kenanga fund ups stake in Microlink to 21.5%