KUALA LUMPUR (June 12): Dialog Group Bhd’s co-founder and chairman Tan Sri Dr Ngau Boon Keat sold 44 million shares, which is equivalent to a 0.78% stake in the company, on June 10.

In a filing with Bursa Malaysia today, Dialog announced that Azam Utama Sdn Bhd sold 37 million shares (0.66%), while Wide Synergy Sdn Bhd sold seven million (0.12%). The two companies are Ngau’s investment vehicles, according to the company’s latest annual report.

The shares changed hands via off market transactions on Wednesday for RM161.48 million or RM3.67 per share.

The transaction price represented a discount of 12 sen or 2.91% on the closing price of RM3.78 that day.

After the sale, Ngau holds an 18.12% stake in the oil and gas storage tank services provider.

This is the second time this year that Ngau sold Dialog shares. The company in March disposed of seven million Dialog shares which he held via Tan Kim Tee at RM2.94 per share.

Dialog’s share price has fared well, it hit a record high of RM3.99 end-May riding on the bullish sentiment on oil tanker operators as the oil glut had pushed up demand for storage space.

After the global rout, Dialog share price has climbed 42% between March 17 and end-May.

It closed at RM3.67 today, giving it a market capitalisation of RM20.7 billion. Year-to-date, the counter is up by 6.4%.