TechFast ... Oct09

A former executive director of Rashid Hussain Bhd (RHB), Chartchai Sae Pusavat, has emerged as the single largest shareholder with a 24.4% stake.

Chartchai acquired the stake, comprising 38 million shares, from Trifast plc, which is listed on the London Stock Exchange.

The other major shareholders in the loss-making Techfast, which is listed on the ACE Market, are its chairman and managing director Yap Soon Sing with 11.22% and Lembaga Tabung Haji with 7.67%.

Chartchai, a Singaporean, is a veteran banker. He was appointed a director of RHB on May 5, 1994 and was an executive director of the bank when he resigned on Jan 30, 2003.

Prior to joining RHB, he was a member of Touche Ross & Co, Tuan Sing Holdings Ltd of Singapore, and NM Rothschild & Sons (Singapore) Ltd.

Techfast specialises in the manufacture and distribution of high-precision computer components (self-clinching fasteners), electronic hardware and brass inserts. Its manufacturing plants are in Shah Alam. The company was listed on the then Mesdaq market on June 6, 2005.

It posted a net loss of RM3.53 million on the back of RM2.8 million revenue in the second quarter ended June 30, 2009.

As for Trifast, which manufactures industrial fasteners, it emerged as a substantial shareholder in Techfast on Nov 11, 2006 when it acquired the stake.