Menang chairman Abdul Mokhtar pares down stake in company

Menang chairman Abdul Mokhtar pares down stake in company
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KUALA LUMPUR (June 9): Menang Corp (M) Bhd chairman Datuk Abdul Mokhtar Ahmad has pared down his direct stake in the company to 0.013%, from 1.29% on May 24.

In a filing to Bursa Malaysia today, Menang said Abdul Mokhtar disposed of 3.41 million shares in six tranches, between May 18 and June 1.  

Upon the disposal, he owns a direct stake of 33,600 shares or 0.013%, and indirect stake of 30.15 million shares or 11.29% in the company.

The pioneer Bumiputera contractor has been reducing his shareholding in Menang since February. He owned a direct stake of 2.91% as at Feb 26.

A filing on May 27 showed Abdul Mokhtar had disposed of 1.21 million shares, representing a 0.0045% equity in the company.

Menang is principally involved in property development and construction activities. Its projects include maintenance of facilities and infrastructure such as for Universiti Teknologi MARA Campus on Seremban 3 township; Universiti Teknologi MARA Campus Satelit C at Puncak Alam, Selangor; and Institut Latihan UiTM Nilai in Seremban.

Abdul Mokhtar, who was the executive chairman of Menang, was redesignated as chairman on May 3.

Meanwhile, the group’s executive director Toh May Fook, who was appointed on April 22, has been increasing his stake in the group.

A block of 5 million shares or 1.87% was recently transferred to him. However it is unclear as to who transferred the shares to him.

Toh owns 32.43 million shares or a 12.14% equity interest in Menang Corp, since May 17.

At 4 p.m., Menang share price was down 0.5 sen or 0.57% at RM1.07, with 57,000 shares traded. The company was valued at RM285.80 million.