PeterLabs Holdings Bhd’s former executive director Datuk Loh Saw Foong and his wife Datin Lin Ching Yein have officially ceased to be substantial shareholders, ahead of a non-interested shareholders’ vote on their planned repurchase of the company’s 60% unit under a settlement agreement.
The couple sold their stakes via direct transactions on March 11, disposing of 16.315 million shares each, or 32.63 million shares in total—representing an 11.86% combined stake. Following the sale, Loh retains a 1.1% stake, while Lin holds no shares.
Leong Kok Hou acquired the 32.63 million shares on the same day, becoming a substantial shareholder with an 11.86% stake. The transaction price was undisclosed, though Bloomberg data suggested a rate of 21 sen per share, a 22% discount to the March 11 closing price of 27 sen.
The disposals follow a settlement agreement reached in October 2025, which resolved a dispute between PeterLabs, Loh, and Lin related to the company and its units, PeterLabs Sdn Bhd and 60%-owned Thye On Tong Trading Sdn Bhd (TOTT). Under the agreement, Loh and Lin will repurchase TOTT’s 60% stake at a price not exceeding the 2022 sale price of RM10.8 million.
The proposed repurchase is scheduled for a vote by non-interested shareholders at an extraordinary general meeting on April 13.
The dispute traces back to May 2025, following an internal investigation into alleged misconduct by Loh, which led to his temporary suspension. The Malaysian Anti-Corruption Commission also conducted raids on PeterLabs and TOTT offices as part of the probe.
Shares in PeterLabs remained untraded on Thursday, last closing at 27 sen, valuing the company at RM72.93 million.
