China Automobile MD no longer a substantial shareholder

China Automobile MD no longer a substantial shareholder
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KUALA LUMPUR (July 15): China Automobile Parts Holdings Ltd (CAP)'s managing director (MD) Li Guo Qing has ceased to be a substantial shareholder in the company after trimming a 6.2% stake in the auto parts maker.

According to its filing with Bursa Malaysia today, CAP said Li, 36, disposed of 72.13 million shares through its private vehicle — Guotai International Holdings Ltd — via an off-market trade on June 20, 2016.

Li, a Filipino, was appointed as CAP's MD on April 4, 2012. He controlled 113.53 million shares or a 9.77% stake in CAP as at March 31, 2016, according to its Annual Report 2015.

Following the disposal, he should still control 41.4 million shares or a 3.57% stake in the company.

In May last year, Li had disposed of 100 million shares or a 16.67% stake through Guotai International to Australia-listed Siburan Resources Ltd for RM60 million, after the both parties inked a conditional binding heads of agreement for the disposal of the shares.

Siburan Resources had emerged as a substantial shareholder in CAP following the shares deal.

CAP shares closed unchanged at three sen today, giving it a market capitalisation of RM40.86 million.