Tiang Boon Hwa, the founder and managing director of N2N Connect Bhd, has solidified his position in the company by acquiring an additional 3.76% stake for RM8.715 million, making him the largest shareholder of the direct market access platform provider.
Following the acquisition, Tiang now holds a direct stake of 6.88% in N2N. Combined with the 19.65% held indirectly through his spouse, Lai Su Ping, and their jointly controlled entity N2N Connect Holdings Sdn Bhd, the couple commands a collective stake of 26.53% in the company.
This positions them ahead of China-based Hundsun Holdings Ltd, which owns 23.66%, as N2N’s top shareholders. Another notable stakeholder is Quah Choon Wah, who holds a 7.35% interest in the firm.
According to N2N’s filing with Bursa Malaysia, Tiang acquired 21 million shares via a direct business transaction on June 3 at 41.5 sen apiece — a 3.61% premium over the stock’s closing price of 40 sen that same day.
The move comes in the wake of heightened attention on N2N, after a hacking incident in April affected several broker clients. The Edge had previously reported that N2N is one of the two main providers of direct market access platforms for Malaysia’s stockbroking industry.
Following the cyberattack, N2N issued an advisory to clients recommending enhanced security protocols. Bursa Securities subsequently issued a query, prompting a disclosure from N2N on April 27. In its response, the company affirmed its commitment to working with regulators and assured that the incident had no material financial or operational impact.
Despite the recent cybersecurity concerns, investor confidence appears to be holding steady. N2N shares closed 2.5 sen higher on Wednesday, up 6.25% to 42.5 sen, giving the ACE Market-listed company a market capitalisation of RM237.24 million.
-The Edge Malaysia
