KUALA LUMPUR (Sept 23): Masterskill Education Group Bhd’s (MEGB) second-largest shareholder, Masterskill Holdings Ltd, has ceased to become a substantial shareholder after disposing of 37.92 million shares in the loss-making academic institution, while its largest shareholder Siva Kumar M Jeyapalan raised his stake to 31.99%, which is a hair’s breadth from triggering a mandatory general offer (MGO).

Filings with the stock exchange today showed that Masterskill Holdings sold the shares, which amounted to 9.25% of MEGB’s share base, on Sept 18, at 34.3 sen apiece. On the open market on that day, MEGB had a sharp drop of 6.85% to close at 34 sen, from the previous close of 36.5 sen.

Masterskill Holdings is linked to an individual named Sami Ali A Sindi. Bloomberg data showed that he is the managing partner of Crescent Point Group, and was previously a non-independent and non-executive director of AirAsia Bhd, for a period spanning two years up to Sept 23, 2005.

With the cessation of Masterskill Holdings Ltd as MEGB’s substantial shareholder, Sami Ali, Crescent Masterskill MPV Ltd and Crescent Point Investment Holdings Ltd also ceased to become substantial shareholders.

As at April 30, Masterskill Holdings held 46.47 million or 11.34% of MEGB.

However, other filings today stated that MEGB’s largest shareholder and Executive Director Siva Kumar M Jeyapalan, acquired 8.56 million shares on Sept 19. The price was settled at 35.5 sen apiece.

This purchase raised Siva Kumar’s direct shareholding to 123.66 million, or 31.99% of MEGB’s share base.