KUALA LUMPUR (Oct 28): Iris Corp Bhd managing director Datuk Tan Say Jim has sold his 20.64% equity interest in Versatile Creative Bhd to Datuk Lee Kwee Hiang, the co-founder of Iris.

Following the direct business transaction between the duo, Tan is left with 146,000 shares or 0.13% equity interest in Versatile Creative. Lee has emerged as a substantial shareholder with a direct interest of 24.9% stake in Versatile Creative.

IRIS Healthcare Sdn Bhd, which holds 39.6% stake, is the largest shareholder in the paper and boxboard packaging products manufacturer. IRIS Healthcare is a wholly owned subsidiary of Iris Corp.

According to filings with Bursa Malaysia today, Tan had disposed the block of shares on Oct 24 through a private vehicle named Versatile Credit and Leasing Sdn Bhd. The transacted price was not revealed in the announcements.

Subsequently, Versatile Creative chairman Shahabuddin bin Abdullah @ Lee Seng Pun and spouse Noor Azmi Bte Ahmad have also ceased to be a substantial shareholders in the company after the share sales as they are deemed interested in Wisefield Resources Sdn Bhd, which holds equity stake in Versatile Credit.

Versatile Creative’s proposed delisting plan was shot down by the minority shareholders in July this year. The shareholders believed that the value of their shares should be higher than Iris’ offer priced of 50 sen per share.

To recap, Versatile Creative had in September last year received a takeover offer from Iris’ wholly-owned unit IRIS Healthcare, plus Tan and Lee at 50 sen apiece.

Back then, the joint offerers together controlled a 25% stake in Versatile Creative, while the takeover involved the remaining 83.1 million shares valued at RM41.55 million cash. After the closing of the offer, the joint offerors have acquired 89.49% stake in Versatile Creative, but failed to trigger the 90% threhold of compulsory acquisition of the remaining shares.