XianLeng ... May12

Datuk Idris Abdullah surfaced as a shareholder in late April 2012 with a 5.38% stake.

Idris was formerly the chairman of KFM and executive chairman of Magnus Energy Group, in which Datuk Mohd Wira Dani Abdul Daim is a substantial shareholder with a 16.5% stake. Wira Dani is the son of former finance minister Tun Daim.

Considering the large block that was divested, there may be more shareholding changes in the pipeline.

Xian Leng’s former MD Ng and his wife Lim disclosed that they had disposed 23.88% stake and this leaves them with a 22.74% stake. It is not clear who acquired the shares from them. The shares were sold in three blocks on April 19 and 20 2012.

This development will have a bearing on an existing shareholder who is seeking two board seats in Xian Leng. Datuk Seri Chin the second largest shareholder seeking appointment of two seats on Xian Leng’s board. Chin holds 5.37% stake in the company.

Chin is the MD of KBB Resources Bhd, a company that made its name as a manufacturer and supplier of vermicelli. He has also involved in the construction and property development business in the 2000s. He is also involved in furniture manufacturing, the telcos business, corrugated cartoons and sheet boards.

He surfaced in Xian Leng in end Feb 2012 accumulating 3.65 million or 5.05%stake on the open market.

Xian Leng hogged the limelight in April 2012 when an audit revealed that rm86 million set aside to build ponds could not be accounted for.

Xian Leng has been recording losses for the past four years.

In the next few weeks, Chin will know if he is successful in his bid to appoint two nominees to the board.