On Nov 8, LY Corporation : 1H8 0% founder and executive director Tan Kwee Chai acquired 460,000 shares of the Catalist-listed company via an off-market transaction. At $0.04 per share, the consideration of the acquisition was S$18,400. This took his total interest in the manufacturer and exporter of wooden bedroom furniture from 73.27 per cent to 73.36 per cent. His preceding acquisition was in May with 490,000 shares acquired at S$0.06 per share and prior to that, November 2022, with 200,000 shares acquired at 7.8 cents per share.

 

Substantial shareholder Tan Kwee Lim also acquired 345,000 shares at S$0.04 per share in a married deal on Nov 8. Tan Kwee Lim is deemed to be interested in the shares of the company held by Lian Yu Holdings through his 22.37 per cent interest held in Lian Yu Holdings.

 

LY Corporation is one of Malaysia&rsquo s leading manufacturers and exporters of wooden bedroom furniture. The group is organised into two operating segments which firstly incudes manufacturing of all kinds of furniture and secondly manufacturing of any type of woodwork or building product. The furniture segment comprised 80 per cent of the group&rsquo s H1FY23 (ended June 30) revenue, with the millwork comprising the remaining 20 per cent of the H1FY23 revenue. As reported back on Aug 10, the group&rsquo s H1FY23 revenue decreased by RM48 million (S$13.9 million), or 35.6 per cent from H1FY22. This was mainly attributable to the decrease in the number of 40-ft containers sold, from 1,882 40-ft containers in H1FY22 to 1,085 40-ft containers in H1FY23.

 

In the industry outlook, the group noted the demand for its products had declined due to the high inventories build up by most furniture importers in the US over the past year. Accordingly, any future demand will be dependent on the inventory reduction by its customers in the US as well as the economic conditions in the US in the coming months. LY Corporation highlighted that as a resilient group with a proven track record, it was confident that it will be able to navigate the uncertainty in these volatile times and adapt its strategies to capture new business opportunities for growth and sustainable profitability. As one of Malaysia&rsquo s leading manufacturers, the group operates from 24 factories and warehouses, occupying a combined built-up area of about two million square feet.

On May 22, LY Corporation : 1H8 0% founder and executive director Tan Kwee Chai acquired 490,000 shares of the Catalist-listed company via an off-market transaction. At an average price of 6.0 cents per share, the consideration of the acquisition was S$29,400.

 

This took his total interest in the manufacturer and exporter of wooden bedroom furniture from 73.17 per cent to 73.27 per cent.

 

His preceding acquisition was on Nov 29, with 200,000 shares acquired at 7.8 cents per share.

 

Tan, who started furniture making in 1976, has been a director of LY Furniture since its incorporation and has been instrumental in the group&rsquo s growth, leading to the expansion of its business and operations.

 

Tan is responsible for the group&rsquo s overall management and operations, including formulating the group&rsquo s strategic directions and expansion plans.

 

In FY22 (ended Dec 31), the group reported a net profit of RM12.4 million (S$3.6 million), a significant improvement from the RM7.2 million loss in the previous year.

 

This performance was primarily driven by a 23.9 per cent increase in revenue to RM234.5 million, due to changes in the product mix and a stronger US dollar to ringgit exchange rate.

 

The group operates from 25 factories and warehouses, occupying a combined built-up area of approximately 1.9 million square feet.

 

Its products are sold mainly to overseas dealers such as furniture wholesalers and retailers who generally resell the products to end-users through their respective retail networks and domestic customers who are primarily third-party agents who typically export and resell its products outside Malaysia, such as to the United States.

On Nov 29, LY Corporation : 1H8 0% founder and executive director Tan Kwee Chai acquired 200,000 shares of the company via a married deal.

 

At an average price of 7.8 cents per share, the consideration of the acquisition was S$15,600.

 

This took his total interest in the manufacturer and exporter of wooden bedroom furniture from 73.12 per cent to 73.17 per cent.

 

His preceding acquisition was back on Jan 11, with 714,200 shares acquired via a married deal, in addition to another 50,000 shares via the open market, at an average price of 11 cents per share.

 

Tan, who started furniture making in 1976, has been a director of LY Furniture since its incorporation and has been instrumental in the group&rsquo s growth, leading to the expansion of its business and operations.

LY Corporation

 

On Jan 11, LY Corporation $ LY Corp: 1H8 +0.95% founder and executive chairman Tan Kwee Chai acquired 714,200 shares of the company via a married deal, in addition to another 50,000 shares via the open market.

 

At an average price of 11.0 cents per share, the total consideration of the 2 acquisitions was S$84,112.

 

This took his total interest in the manufacturer and exporter of wooden bedroom furniture from 72.97 per cent to 73.12 per cent.

 

It followed his acquisition of 200,000 shares of the company at 13.0 cents per share on Nov 5, and 2,471,800 shares at 16.0 cents per share on Aug 3.

 

Tan, who started furniture making in 1976, has been a director of LY Furniture since its incorporation and is responsible for the group' s overall management and operations, including formulating its strategic directions and expansion plans.

 

On Nov 5, LY Corporation $ LY Corp: 1H8 0% founder and executive chairman Tan Kwee Chai acquired 200,000 shares of the company for a consideration of S$49,725 at 13.0 cents per share.

 

The married deal took his total stake in the manufacturer and exporter of wooden bedroom furniture from 72.89 per cent to 72.97 per cent.

 

His preceding acquisition of 2,471,800 shares at 16.0 cents per share was on Aug 3, 2021.

 

Tan, who started furniture making in 1976, has been a director of LY Furniture since its incorporation and is responsible for the group' s overall management and operations, including formulating its strategic directions and expansion plans.

 

With its subsidiaries, LY Corporation is one of Malaysia' s leading manufacturers and exporters of wooden bedroom furniture.

 

This includes the design and manufacture of custom wooden bedroom furniture, and the manufacture of wooden bedroom furniture which may be tailored to customers' specifications and requirements on an original equipment manufacturer basis.

 

On Dec 14, LY Corporation executive chairman Tan Kwee Chai acquired 120,000 shares of the company for a consideration of S$22,800 at 19 cents per share.

 

This took his total stake in the manufacturer and exporter of wooden bedroom furniture to 72.37 per cent.

 

Mr Tan has been a director of LY Furniture Sdn Bhd since its incorporation and is responsible for the group' s overall management and operations, including formulating its strategic directions and expansion plans.

 

The group operates from 19 factories and warehouses, occupying a combined built-up area of approximately 1.6 million square feet.

 

LY Corporation' s products are sold mainly to overseas dealers such as furniture wholesalers and retailers, who generally resell the products to end-users through their respective retail networks and domestic customers who are primarily third-party agents who typically export and resell its products outside Malaysia, such as to the United States.