Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on January 18, 2018

KUALA LUMPUR: Tatt Giap Group Bhd founder Datuk Siah Kok Poay has ceased to be a substantial shareholder of the group after disposing of another 8.36 million shares in the company, or a 4.9% stake, yesterday.

Siah, who is also Tatt Giap executive chairman, sold the shares via his private vehicle Giapxin Sdn Bhd, leaving him with a 3.39% stake in the group, the group’s filings with the stock exchange showed.

According to Bloomberg data, the 8.36 million shares crossed in a single transaction at 12 sen per share, or RM1 million in all, yesterday afternoon. At the time of writing, it was unknown who the buyer of the stake was.

The trading price represents a 7.5 sen discount to Tatt Giap’s closing price of 19.5 sen yesterday, after it gained 0.5 sen or 2.63%. The group has a market capitalisation of RM33.27 million. 

Siah has been trimming his stake in the steel maker over the last few months. On Dec 26, Penang property magnate Tan Sri Ooi Kee Liang emerged as a substantial shareholder after buying a 7.62% stake from Siah.

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