KUALA LUMPUR: Ecofirst Consolidated Bhd said Datuk Michael Chooi Yoey Sun has emerged as its substantial shareholder with a 5.155% stake.
Chooi is best known for co-founding Signature Kitchen Bhd with his partner Tan Kee Choong back in 1994, where they supplied and installed built-in kitchen and wardrobe systems.
In a statement, EcoFirst said Chooi acquired 20 million shares in the open market in the last 14 days.
He further acquired another 40 million shares via an off-market transaction through Wawasan Fokus Sdn Bhd.
EcoFirst, mid-sized property player closed at 56 sen today with a market capitalisation of RM659mil.
The company is currently in the development planning stage for the next phase of its Ampang Ukay flagship project.,
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It is proposing a mixed-use development and residential development following the successful completion of the Liberty Arc development.
Chooi ceased to be a substantial shareholder of Signature after he sold his shares to Chin Hin Group Bhd in April 2021. He also resigned as executive director to pursue other opportunities.
He is currently a major shareholder of Scanwolf Corporation Bhd with a 12.878% stake.
Chooi has yet to decide whether to request a board seat following his substantial stake in EcoFirst.
“Firstly, EcoFirst has solid management. This has enabled the company to be profitable over the last decade despite the challenging outlook.
"The management is savvy property players with the key trait of patience. This trait has allowed them to buy prime landbank during opportune times. Thus, they are able to enjoy low land costs. I look forward to value-adding in the company in a steady and sustainable manner,” he said.