KUALA LUMPUR (May 14): Urusharta Jamaah Sdn Bhd, the special purpose vehicle under the Ministry of Finance tasked to oversee the non-performing assets of Lembaga Tabung Haji, has ceased to be a substantial shareholder of KSL Holdings Bhd.

In a filing with Bursa Malaysia today, KSL said Urusharta Jamaah ceased its substantial holding on May 6 after it disposed of a block of 35.9 million shares or a 3.46% stake in the property group.

The block represented half of Urusharta Jamaah’s 6.92% stake in KSL which it took over from Tabung Haji.

This leaves Urusharta Jamaah with 35.9 million shares or a 3.46% stake in KSL.

Tabung Haji had been a long-term institutional shareholder in the property group, having held an over 9% stake some 10 years ago.

The disposal means KSL is joining the list of companies that Urusharta Jamaah is exiting as a substantial shareholder, including Uzma Bhd, Alam Maritim Resources Bhd, CSC Steel Holdings Bhd, MCT Bhd Eastern & Oriental Bhd, WCT Holdings Bhd, Star Media Group Bhd and Puncak Niaga Holdings Bhd.

KSL’s largest shareholder is Premiere Sector Sdn Bhd, which is controlled by the Ku brothers, with a 31.81% stake.

Its other substantial shareholders include executive chairman Ku Hwa Seng (9.13%), executive director Ku Tien Sek (6.57%), and group managing director Ku Cheng Hai (9.47%).

KSL’s share price rose half a sen or 0.82% to close at 61.5 sen, giving the group a market capitalisation of RM638.07 million.