KUALA LUMPUR: Tatt Giap Group Bhd’s founder Datuk Siah Kok Poay has ceased to be a substantial shareholder in the group after disposing of another 8.36 million shares in the company, or a 4.9% stake, today.
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, today 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. In the past year, the stock has climbed over 77%.
Siah has been trimming his stake in the steelmaker over the last few months. On Dec 26 last year, Penang property magnate Tan Sri Ooi Kee Liang emerged as a substantial shareholder after buying a 7.62% stake from Siah.