This article first appeared in The Edge Financial Daily on March 5, 2019

KUALA LUMPUR: JAG Capital Holdings Sdn Bhd is now the largest shareholder of KUB Malaysia Bhd after acquiring a 31.99% stake from Anchorscape Sdn Bhd worth RM121.09 million.

In a filing yesterday, KUB said the deal was completed last Friday.

According to Bloomberg, 178.07 million shares were bought at 68 sen each last Friday, a significant premium to last Friday’s closing price of 39.5 sen. KUB shares closed 5.5 sen higher at 45 sen yesterday, after 23.73 million shares were traded.

Based on the Companies Commission of Malaysia’s data, Anchorscape is an investment holding company linked to Darhim Dali Hashim and Datuk Abdul Rahman Mohd Redza. Before the transaction, Anchorscape was the largest shareholder of KUB with a 52.17% stake.

Darhim is a director of Prasarana Malaysia Bhd and chief executive officer of Radimax Group Sdn Bhd, a shipyard, engineering and vessel-building company. Abdul Rahman is Umno Linggi state assemblyman.

JAG Capital, meanwhile, is an investment holding company linked to the family of former finance minister II Datuk Seri Johari Abdul Ghani. Its directors include Johari, his wife Datin Seri Zurwati Haslinda Zainal Bahry, his son Amir Rasyidi Johari, and CI Holdings Bhd group managing director Megat Joha Megat Abdul Rahman.