KUCHING: AZIO Group Bhd’s independent director Lo Ling has disposed of his entire stake in the company, amounting to about 28 million shares or 1.43 per cent equity interest.
According to the company’s filing with Bursa Malaysia, Lo sold the shares at RM0.0798 each for a total of RM2.24 million last Friday (Oct 17).
On the same day, AZIO was among the top five most actively traded counters, with some 67.83 million shares changing hands at prices ranging from RM0.075 to RM0.085.
Over the past 52 weeks, the counter — formerly known as Minetech Resources Bhd — has traded between RM0.006 and RM0.16.
Lo, 69, joined the AZIO board in January 2024. He began accumulating shares in February this year, starting with 2.57 million shares (0.13 per cent) for RM211,196, and continued building his position through multiple transactions. His last acquisition was on Aug 8, involving 1.23 million shares for RM91,875.
A graduate of Universiti Malaya with a Bachelor of Science (Hons) and an MBA, Lo is a seasoned financial markets professional with over 30 years of experience structuring transactions for public and private companies, AZIO said.
He began his career as a geologist with Petroliam Nasional Bhd (Petronas) before serving as accounts manager at NCR Corporation. He later became a dealer’s representative at Omega Securities in 1991, then joined Kenanga Investment Bank the following year.
Between 2007 and 2020, Lo was with AmInvestment Bank, before being appointed managing director of ADAP Capital Sdn Bhd, a role he held until August 2024. He also served as executive director at Aimflex Bhd from 2020 to early 2022.
Minetech, which rebranded to AZIO, gained investor attention in December 2023 after Dato Abang Abdillah Izzarim Abang Abdul Zohari, the son of Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, became its largest shareholder with a 15.58 per cent stake (240 million shares) acquired from Datuk Awang Daud Awang Putera, co-founder of Serba Dinamik Sdn Bhd.
Abang Abdillah was appointed executive chairman in January 2024 and increased his holdings to 294.93 million shares (15.02 per cent) following an additional acquisition of two million shares on Aug 5, 2025.
AZIO’s second-largest shareholder is Deputy Minister of Natural Resources and Environmental Sustainability Datuk Huang Tiong Sii, who holds 62.1 million shares (3.48 per cent), according to the 2024 annual report.
At eight sen per share, AZIO’s market capitalisation stood at RM157 million, based on 1.96 billion outstanding shares.
The group’s core businesses include civil engineering, bituminous product services, and renewable energy. For the quarter ended June 30, 2025, AZIO posted a net loss of RM8.34 million on revenue of RM37 million.
For the 15-month period ended June 30, 2025 — following a change in financial year from March to June — the company recorded a net loss of RM17.93 million on revenue of RM157 million, translating to a loss per share of 0.91 sen.
