Friday 29 Mar 2024
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KUALA LUMPUR (Jan 7): Kinsteel Bhd CEO Datuk Henry Pheng Chin Guan, son of founder and Kinsteel managing director Tan Sri Pheng Yin Huah, has disposed of 1.874 million shares or a 0.178% equity stake in the steel maker.

According to a filing with Bursa Malaysia today, the shares were disposed in three tranches on Jan 2, 5 and 6, at 14 sen to 14.5 sen per share.

Henry now holds a 1.54% direct stake or 16.03 million shares in Kinsteel, as well as 220,000 indirect shares in the company held through his spouse.

Nevertheless, the senior Pheng still holds a direct stake of 5.8% and indirect stake of 25.83% in Kinsteel.

Recently, Henry has quit as CEO of ailing steel maker Perwaja Holdings Bhd, while the senior Pheng also quit as managing director of the latter.

This was after Kinsteel cut its equity interests in Perwaja to 31.25%, and lost management control of the company, following the departure of a number of Pheng family members from Perwaja’s board.

Kinsteel closed at 14.5 sen today, with a market capitalisation of RM152.16 million.

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