Muda denies shareholder selling stake

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KUALA LUMPUR (Oct 3): Paper products manufacturer Muda Holdings Bhd has denied that its largest shareholder, Tan Sri Lim Guan Teik, is selling his stake in the company.

In a filing with Bursa Malaysia this evening, Muda said that "Tan Sri Lim Guan Teik and the persons and companies connected with him have confirmed that they are not selling their stakes ", contrary to a report in The Edge Financial Daily today.

According to the group's 2013 annual report, Lim holds a 41.5% stake directly and indirectly in Muda.

The stock closed three sen down at RM2.15 today, with a market capitalisation of RM655.9 million.