Mah Sing founder optimises shareholding, maintains 35% stake

Mah Sing founder optimises shareholding, maintains 35% stake
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KUALA LUMPUR (July 18): Mah Sing Group Bhd's founder, managing director and group chief executive Tan Sri Leong Hoy Kum has optimised his shareholding structure in the property developer, by transferring 180 million Mah Sing shares from Mayang Teratai Sdn Bhd to Mayang Teratai Ltd.

"The transfer does not result in the change of control of Mah Sing, which remains with Tan Sri Leong Hoy Kum, and does not have an impact [on] his direct or indirect shareholdings in Mah Sing. His effective shareholdings in Mah Sing remains at 35%," said the group in a statement.

The group said it continues to focus on Malaysia's central region in 2016 and 2017, which will account for the major part of its RM2.3 billion sales target.

For the financial year ended Dec 31, 2015 (FY15), the group posted a net profit of RM386.68 million, up 8% from RM356.5 million in FY14, on the back of a 7% increase in revenue to RM3.1 billion from RM2.9 billion.

Mah Sing rose 2 sen or 1.3% to close at RM1.55, giving a market capitalisation of RM3.74 billion.