KUALA LUMPUR: Elridge Energy Holdings Bhd is drawing continued support from its key shareholders, with its CEO Oliver Yeo Hock Cheong leading a fresh round of share accumulation despite recent weakness in the company’s share price.
According to a filing with Bursa Malaysia, Yeo acquired 10 million shares for RM9.7 million.
The transaction increases his direct shareholding to 149.6 million shares, representing about 7.48% of the company’s issued share capital. Including indirect interests, his total stake stands at approximately 476.9 million shares, or 23.8%.
The latest purchase forms part of a broader trend of accumulation by substantial shareholders.
Tan Sri Dr Azmil Khalili Dato’ Khalid has, over recent days, acquired more than 1.07 million shares, bringing his deemed interest to 5.58 million shares.
Separately, Urusharta Jamaah Sdn Bhd disclosed in a March 13 filing that it had acquired 2.59 million shares on March 10, raising its direct shareholding to 130.4 million shares, equivalent to approximately 6.52%.
The increased buying interest comes against a backdrop of share price volatility. Elridge Energy closed at RM1.02 on March 16, compared with RM1.41 a month earlier.
The group has attributed the recent price movement to external market factors rather than any change in the company’s underlying business.
Yeo indicated that a review of the company’s Record of Depositors suggests that part of the recent selling pressure was driven by foreign funds reducing their positions, possibly reflecting portfolio rebalancing or broader macroeconomic considerations.
He added that trading activity can also be influenced by liquidity conditions, profit-taking and overall market sentiment and emphasised that there are no undisclosed material developments affecting the company.
Operationally, Elridge Energy remains focused on executing its growth strategy within the biomass segment.
The group continues to see sustained demand from power utilities and industrial customers seeking lower-carbon fuel alternatives and is prioritising the expansion of its production capacity and regional supply network to support this demand.
Listed on the ACE Market of Bursa Malaysia, the company produces biomass fuel products, including palm kernel shells and wood pellets, serving customers across Asia and other international markets.
Recent research coverage by Apex Securities underscores the company’s longer-term positioning.
The research firm highlighted that Elridge Energy stands to benefit from the accelerating transition towards renewable and transitional energy sources, particularly in North Asian markets such as Japan, where biomass remains a key component of the energy mix.
It also pointed to the company’s ongoing capacity expansion initiatives, including the commissioning of a new processing facility in Pahang and plans to scale operations further to meet rising export demand.
Apex Securities further noted that structural drivers, including decarbonisation policies and long-term power purchase agreements, are expected to underpin global biomass demand, providing a supportive backdrop for Elridge Energy’s growth over the medium- to long-term.