Syed Azman raises HHRG stake after taking chairman's seat

KUALA LUMPUR: Newly-appointed executive chairman Tan Sri Syed Azman Syed Ibrahim has raised his stake in biomass company HHRG Bhd by more than 4.7 million shares.

Syed Azman bought 4.72 million shares or a 0.36 per cent stake at 18.15 sen for RM857,333 on Wednesday,

according to a bourse filing on Thursday.

This came less than a week after he took the helm of the company.

The purchase price was 3.7 per cent above HHRG's closing price of 17.5 sen on Wednesday.

Following the acquisition, Syed Azman's stake in HHRG stood at 3.21 per cent, keeping him below the five per cent threshold for substantial shareholders.

Syed Azman, founder of helicopter services firm Weststar Aviation, joined HHRG's board on Sept 4 and became executive chairman, filling a position vacant for more than two years.

The latest share purchase comes as HHRG reshuffles its leadership.

On Thursday, the company redesignated executive deputy chairman Datuk Ammar Shaikh Mahmood Naim as executive director, without naming a successor for the deputy chairman position.

Ammar, 64, was Kedah state secretary from December 2018 until his retirement in 2022.

He joined HHRG's board in June 2024 and subsequently oversaw the company's operations after former group executive chairman H'ng Choon Seng stepped down that month for unspecified personal reasons.

HHRG's annual report said Ammar oversees the group's business development.

He currently holds 310,000 shares, or a 0.025 per cent stake, in the company.

HHRG's largest shareholders are Ch'ng Chen Mong and Tan Poh Cheng, who collectively hold 14.53 per cent, followed by H'ng and Goh Boon Leong with a combined 11.32 per cent.