This article first appeared in The Edge Malaysia Weekly on March 20, 2023 - March 26, 2023

In the last one month, Revenue Group Bhd has seen several changes to its board. The latest to resign was managing director Datuk Eddie Ng Chee Siong, who also ceased to be a substantial shareholder.

Prior to Eddie’s resignation, five other directors had resigned from the board in the last two weeks. They citied health and personal matters as reasons for their departure. One director said she was resigning owing to increasing work commitments.

The departure of the six persons coincided with the appointments of five others to the board. Revenue — whose founders are embroiled in a shareholder fight — has also reappointed its former chief financial officer, who left the company in 2022.

All these changes point to a new shareholder being in control of the company, but no one has emerged yet.

The electronic payments service provider, whose clientele includes banks and non-banks, was in the running for one of the digital banking licences up for grabs a year ago. Its partners were Kenanga Group and the Sarawak government.

However, in January this year, two of its co-founders — Brian Ng Shih Chiow and Dino Ng Shih Fang — were suspended. At the point of suspension, Brian and Dino, who are brothers, had close to 22% interest in Revenue, while Eddie held less than 9%.

Based on the latest announcements, Eddie is no longer a substantial shareholder of Revenue. Brian also ceased to be a shareholder after transferring his block to Dino.

Prior to the shareholder fight in January, Revenue was controlled by the three Ngs, who collectively held 33% of the company. Today, only Dino is left with 17.7%.

So who is holding the rest of the shares?

Shareholding changes should be announced within two weeks. Of late, there have been cases of controlling shareholders exiting companies but the identity of the new shareholders remains a mystery.

Will Revenue be one of them?

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