Oriental Interest's largest shareholder pares down stake by 13.7%

Oriental Interest's largest shareholder pares down stake by 13.7%
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KUALA LUMPUR (June 24): Property developer Oriental Interest Bhd (OIB)'s largest shareholder Jupiter Sunrise Sdn Bhd (JSSB) has disposed of 19.85 million shares, representing 13.7% interest in the company yesterday (June 23).

Upon the completion of the disposal, JSSB owns 85.03 million shares or 58.69% equity in the company, according to OIB's filing to Bursa Malaysia today.

However, the trading price of this bulk of shares was not stated in the filing.

In a separate filing, OIB said Ripro Sdn Bhd ceased to be a substantial shareholder in OIB after it disposed of its entire 50% shareholdings in JSSB. Ripro has indirect interest pursuant to Section 6A of the Companies Act 1965 through its 50% shareholding in JSSB.

The disposal also affects OIB executive director Low Ping Kun who has indirect interest pursuant to Section 6A of the Companies Act 1965 through his 77.78% shareholding in Low Ping Kun Sdn Bhd (LPKSB).

LPKSB owns a 21.43% stake in LLSB 1980 Holdings Sdn Bhd and 36.84% shareholding in Famivest Sdn Bhd. LLSB and Famivest own 50% each in JSSB.

OIB closed 4 sen or 1.58% higher at RM2.57, for a market capitalisation of RM372.32 million.