KUALA LUMPUR (Dec 7): Business tycoon Tan Sri Abu Sahid (pictured) has ceased to be Ipmuda Bhd’s substantial shareholder, after disposing of 2.55 million shares or a 3.52% stake on Thursday (Dec 3).

This follows the disposal of shares by Maju Holdings Sdn Bhd via a direct business transaction.

Abu Sahid is now left with a direct shareholding of 1.71 million shares in the building materials firm, representing a 2.36% equity interest.

The tycoon has undertaken a series of share disposals, both directly held and indirectly, via his flagship Maju Holdings from June to November. He also transferred some of his direct shares to his daughter Nurhaida Abu Sahid in November.

Prior to this, Abu Sahid directly held a 9.2% stake or 6.67 million shares, along with 12.99% or 9.42 million indirect shares.

For its first quarter ended Sept 30, 2020, Ipmuda recorded a net profit of RM4.08 million, versus a net loss of RM9.39 million in the previous quarter, mainly due to a net reversal of impairment of financial assets of RM1.1 million in the current quarter, and impairment of development cost of RM2.7 million and impairment of inventories of RM1 million in the preceding quarter. 

Revenue grew 24.6% to RM6.15 million from RM4.93 million in 4QFY20, its latest results showed in its filing with Bursa Malaysia.

Shares of Ipmuda closed half a sen or 0.82% higher at 62 sen today, valuing the group at RM44.57 million. Year-to-date, the counter has risen 77% from 35 sen.