Sim, best known as the founder of the Osim lifestyle products company, invested in Trek 2000 back in 2015, paying 43.65 cents for 26 million new shares costing him a total of $11.35 million.
Trek 2000's share price dropped to as low as four cents in 2024, before a tepid recovery since then.
In a deal completed on May 26, Wong bought 22.07 million shares from Sim, giving the former a 7.3% stake.
With Sim selling down his stake to just 2%, he has also withdrawn his claims, says Trek 2000 on May 26.
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Trek 2000's shares gained 28.93% to close at 20.5 cents on May 26, ahead of this announcement. At this level, Wong is already very into the money with a paper gain of $1.88 million.
"Trek has delivered a step-up in profitability, and its patented wireless memory technologies position it to participate in the growing demand for high-performance, data-intensive applications driven by AI adoption," says Wong.
"Our investment reflects conviction in the value of Trek’s intellectual property portfolio as Trek advances its growth strategy," he adds.
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For its FY2025, Trek 2000 reported earnings of US$4.6 million, up 1,275.8%, with so-called AI of Things products contributing the bulk of the year's revenue, which was down 1.1% y-o-y to US$19.6 million.
Trek 2000 reiterates its expectation that its AI-powered aviation product could generate revenue of more than US$15 million through FY2027.
Wayne, who wears another hat as group president, welcomes Wong as a substantial shareholder.
"Following the resolution of the legacy shareholder matter, the board and management remain focused on executing our growth strategy across memory, AI-related, and renewable energy solutions," he adds.
