KUALA LUMPUR (Nov 16): The largest shareholder of Kanger International Bhd trimmed his stake in the company, which is among those that intend to venture into the rubber glove industry.

In the latest filing with Bursa Malaysia, Kanger announced that its largest shareholder Wu Wai Kong has disposed of 90 million shares or a 4.91% stake in the company.

The block of shares was sold at 17.5 sen apiece in the open market today and the transaction was estimated at RM15.75 million.

After the share sale, Wu’s shareholdings shrank to 6.371% of direct stake or 116.75 million shares while indirect interest stood at 0.097% or 1.78 million shares.  

Wu, 36, was first appointed to the board as executive director in October last year.

Kanger's share price closed 0.5 sen higher at 17.5 sen today, giving it a market capitalisation of RM320.66 million. The stock was heavily traded with 170.41 million shares crossing hands today, exceeding its 200-day average volume of 50.47 million shares.

Kanger shares, which were trading as low as nine sen in July, have been climbing on the news and peaked at 31 sen on Sept 22.

The company is principally engaged in the manufacturing and supplying of bamboo products. However, it has announced plans to venture into rubber glove manufacturing and COVID-19 vaccine distribution over the past three months.

In August, Kanger said it would partner with Dubai-based Constellation Holdings Ltd to set up medical examination gloves operations in Malaysia and acquired some 2.24 ha of land in Kuala Selangor for RM6.8 million for a rubber glove manufacturing plant.

One month later, Kanger announced it had entered into a deal with Shenzhen Public Health Technology Co, Ltd (SZPHT) to clinch the rights to distribute a China-developed COVID-19 vaccine in Southeast Asia.

Since then, there has been no update on the ventures.