PMC ceases to be Furniweb substantial shareholder

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KUALA LUMPUR (Sept 10): PMC Global Services Sdn Bhd has ceased to be a substantial shareholder of Furniweb Industrial Products Bhd, after disposing of four million shares or 2.75% in the furniture webbing manufacturer.

According to Furniweb's filing to Bursa Malaysia today, PMC had disposed of the shares last Thursday (Sept 04).

PMC emerged as a substantial shareholder in Furniweb on Oct 17, 2013, after acquiring eight million shares or 8.84% in the company.

The cessation of PMC as a major shareholder in Furniweb, came at a time when the latter saw the emergence of a new major shareholder.

According to Furniweb's earlier announcement to the bourse, Yeoh Soo Ann, the former group CEO of Encorp Bhd, had emerged as the biggest shareholder of Furniweb, after acquiring a 17.4% stake in the company.

Yeoh had acquired the stake comprising 25.2 million Furniweb shares, on Aug 29 this year.