KUALA LUMPUR (Jan 16): Sabah timber and property tycoon Tan Sri Chai Kin Kong has ceased to be a substantial shareholder in Sanbumi Holdings Bhd, after disposing of a 4.96% stake in the company.

Sanbumi's filing with Bursa Malaysia today showed the founder and chairman of Aset Kayamas Sdn Bhd had sold 11.25 million shares in the company on Jan 14, through a direct business transaction. The filing did not disclose the price of the transaction but Sanbumi's shares on the same day were trading in the range of 38 sen to 42 sen. 

With this, he has now reduced its stake in Sanbumi to below 5%. It is estimated Chai still owns 2.7 million shares or a 1.19% stake in the company.

Chai first emerged as a substantial shareholder in Sanbumi on Jan 8, 2001, after he acquired an 11.43% equity interest or 16.59 million shares in the company. 

Meanwhile, separate filings showed Sanbumi substantial shareholder Datuk Tan Kean Tet and his son Tan Cho Chia, a director of the company, purchased 4.82 million shares via their private investment vehicle Legacy 888 Sdn Bhd on Jan 14, through a direct business transaction.

Kean Tet also acquired another 6.43 million shares directly. This brings Kean Tet's direct shareholding in Sanbumi to 16.917% and indirect stake via Legacy 888 to 3.201%.

Shares of Sanbumi rose one sen or 2.67% to close at 38.5 sen today, with 6.06 million shares traded, valuing it RM 93.37 million.