MAIN Market-listed one-stop provider of sustainable energy and engineering solutions Kinergy Advancement Bhd (KAB) (formerly Kejuruteraan Asastera Bhd) has revealed that Kington Tong Kum Loong has ceased to be its substantial shareholder with immediate effect.
This followed his disposal of an additional direct interest of 25.04 million shares in KAB yesterday (July 29) via direct business transaction, according to a Bursa Malaysia filing today (July 30).
Upon review of Tong’s past activities and shareholdings in KAB, he had never held any management position or served on the latter’s board. In other words, his previous stake in the company had not had any influence on KAB’s management structure or operations.
As such, the change in his shareholding is not expected to impact KAB’s governance, strategic direction nor on-going operations.
Interestingly, KAB has found a new substantial shareholder in Datuk Gan Kong Hiok about the same time Tong ceased to be the group’s substantial shareholder.
The enterprising businessman had acquired 63.33 million shares in KAB on July 24 through a direct business transaction to raise his shareholding level to 128.61 million shares which are equivalent to a 6.05% stake, according to a Bursa Malaysia filing today (July 28).
Widely recognised within Malaysia’s corporate circles for his disciplined investment philosophy and a strong commitment to long-term value creation, Gan had significantly contributed to its expansion of PK Resources Bhd while serving as its executive director and managing director prior to his stepping down in 2007.
An alumnus of Aston University and University of Oxford, Gan is currently involved prominently as a major investor and board member in several reputable companies, including Nextgreen Global Bhd – a leading green technology enterprise in Malaysia where he holds over a 12% stake.
Known for his strategic patience, steady accumulation approach and a strong conviction in transformative sectors such as green technology, Gan exemplifies an investment philosophy centred on companies with long-term growth trajectories.
Gan’s pursuit of businesses with sustainable growth potential reinforces confidence in KAB’s strategic direction and strengthens its position within its respective industry.
On this note, he has farther acquired 25.054 million shares via direct business transaction yesterday (July 29) to raise his direct stake in KAB to 153.65 million shares or 7.22%.
At 2.58pm, KAB was down 0.5 sen or 1.52% to 32.5 sen with 4.98 million shares traded, thus valuing the company at RM691 mil. – July 30, 2025
