This article first appeared in Capital, The Edge Malaysia Weekly on January 19, 2026 - January 25, 2026

During the week of Jan 5 to 9, notable shareholding changes at Bursa Malaysia-listed companies included those at medium-haul low-cost airline AirAsia X Bhd (KL:AAX), which saw the entry of Sophia Lee Suk Fei as a substantial shareholder.

According to filings with Bursa, Lee acquired 66.83 million AAX shares, or a 14.95% stake, via a direct business transaction on Jan 6 from Tune Group Sdn Bhd at RM1.80 per share, or RM120.29 million. The acquisition was made through her Kota Kinabalu-based travel agency, Nuodingyan Travel Service Sdn Bhd.

On the same day, Tune Group disposed of 7.13 million shares, or a 1.595% stake, in AAX via a direct business transaction at RM1.80 apiece, or RM12.83 million. The identity of the buyer of the block was not disclosed. The disposal was executed pursuant to an undertaking by Capital A Bhd (KL:CAPITALA) and its persons acting in concert to reduce their collective shareholding in AAX to below 33% to avoid triggering any takeover obligations under AirAsia’s aviation business consolidation exercise. As at Dec 29, 2025, Tune Group held a 16.543% stake in AAX.

Following the latest disposals, Tune Group ceased to be a substantial shareholder of AAX. Tune Group is the private investment vehicle of AAX co-founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun, who is also an executive director of AAX.

Meanwhile, Aquawalk Group Bhd (KL:AQUAWALK), operator of Aquaria KLCC, disclosed that Norges Bank ceased to be a substantial shareholder after disposing of two million shares on the open market on Jan 2. Norges Bank emerged as a substantial shareholder on Dec 19, 2025, after buying three million shares in Aquawalk, raising its stake to 92.36 million shares, or 5.01%.

Aquawalk’s shares have climbed 29% since its ACE Market debut on Nov 19 last year at an initial public offering (IPO) price of 31 sen, to settle at 40 sen last Tuesday, valuing the company at RM746.4 million.

Over at Lee Swee Kiat Group Bhd (KL:LEESK), Mak Foong Ling ceased to be a substantial shareholder of the mattress maker after selling 9.5 million shares via a direct business transaction on Jan 5. Post-disposal, Mak remains a shareholder with 11.93 million shares.

Mak first emerged as a substantial shareholder after acquiring 9.43 million shares via a direct business transaction in August 2025, bringing her total shareholding to 21.43 million shares, or 8.516%, as at Sept 3, 2025.

Lembaga Tabung Haji (TH) disposed of its entire 27.278% stake, or 32.18 million shares, in ICT solutions firm Theta Edge Bhd (KL:THETA) to Stealth Solutions Sdn Bhd via an off-market transaction on Jan 2. While the transaction price was not disclosed on the bourse, Bloomberg’s off-market data shows that the 32.18 million shares were transacted in a single block at 90 sen each, or RM28.96 million.

As a result, telecommunications tower firm Stealth Solutions emerged as Theta Edge’s new largest shareholder. Based on Companies Commission of Malaysia data, Stealth Solutions is 75%-owned by Datuk Amrul Hisyam Alias and 25%-owned by Norul Azwani Mohd Hanafi.

Between Jan 5 and 9, Theta Edge’s share price rose 12.2% to 83 sen, from 74 sen. The counter has fallen 38% over the past year, however, closing at 82.5 sen last Tuesday and valuing the group at RM97.3 million.

Theta Edge’s other substantial shareholder is REDtone Digital Bhd (KL:REDTONE), which held a 17.3% stake as at July 28, 2025.

Elsewhere, Wong Wai Foo emerged as the new single-largest shareholder of forest management and timber logging company Timber­well Bhd (KL:TIMWELL) after acquiring 25.51 million shares, or a 28.647% stake, via direct business transactions and the open market on Jan 5.

Bursa filings for the same week also showed that Tan Toeng Swie @ Lam Toeng Sui, non-executive director Agnes Soei-Tin Lamey and Lam Soei Lim ceased to be shareholders of Timberwell after disposing of their entire stakes of 12.14 million shares (13.63%), 6.04 million shares (6.78%) and 5.98 million shares (6.63%) respectively on Jan 5. It is believed that their shares were sold to Wong.

On Jan 8, Wong acquired 198,400 shares on the open market, raising his shareholding to 25.71 million shares, or a 28.87% stake.

Timberwell’s other substantial shareholder is Minister of Tourism, Arts and Culture Datuk Seri Tiong King Sing, who held a 23.82% stake as at April 2, 2025.

Timberwell shares have risen 60% over the past year to close at 78.5 sen last Tuesday, giving the company a market capitalisation of RM69.9 million. 

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