KUALA LUMPUR (April 6): Urusharta Jamaah Sdn Bhd, the Finance Ministry’s special purpose vehicle (SPV), has ceased to be a substantial shareholder of Puncak Niaga Holdings Bhd, after selling 1.28 million shares or a 0.29% stake in the company.
This move does not come as a surprise after the series of selldown in shares of other listed companies the SPV held. Also, as it has also ceased to be their substantial shareholder.
Urusharta Jamaah first emerged as a substantial shareholder of Puncak Niaga on Dec 28, 2018, when it took over the stake from Lembaga Tabung Haji. It owned a total of 44.07 million Puncak Niaga shares, or an equity interest of 9.85%.
In several filings to Bursa Malaysia, Urusharta Jamaah first started to pare its stake in Puncak Niaga since March 17 and is no longer its substantial shareholder as at March 31, 2020. Prior to this, there were not any transactions or change of shareholdings.
Following the most recent disposal of 1.28 million shares, this means that Urusharta Jamaah now only holds some 21.71 million shares or 4.86%.
At the noon break, Puncak Niaga was up one sen or 6.67% at 16 sen. Over the past year, the stock has fallen some 57.89%.