KUALA LUMPUR (Nov 3): Lay Hong Bhd chairman Yap Hoong Chai has disposed of his 39.61 million shares, representing a 13% stake, in MMAG Holdings Bhd, less than two months after emerging as a substantial shareholder in the information and communications technology hardware distributor.

In a filing with Bursa Malaysia, MMAG said Yap sold the shares, held through his family vehicle Innofarm Sdn Bhd, on Oct 31.

Innofarm had emerged as a substantial shareholder in MMAG after buying 25.31 million shares on Sept 20 and a further 14.3 million shares on Sept 21.

At the same time, Chan Swee Ying, the wife of former MMAG chairman and managing director Chin Boon Long, had purchased 57.34 million MMAG shares representing an 18.88% stake in the company.

According to Bloomberg data, 57.34 million shares were traded off market on Oct 31 at 27 sen apiece or RM15.48 million in total.

Chin was appointed as the executive chairman of MMAG in September 2012 (when the company was known as Ingenuity Consolidated Bhd) and was subsequently redesignated to the role of managing director in May 2014. He resigned from the company in February 2015.

MMAG shares closed up 0.5 sen or 2.2% today at 23 sen, for a market capitalisation of RM68.3 million.