KUALA LUMPUR (March 4): JAG Capital Holdings Sdn Bhd has emerged the largest shareholder in KUB Malaysia Bhd after it acquired a 31.99% stake in KUB from Anchorscape Sdn Bhd, worth RM121.09 million.

In a filing with Bursa Malaysia today, KUB said the direct transaction between JAG Capital and Anchorscape was completed on Friday (March 1). Trading of KUB shares was voluntarily halted from 9am to 10am this morning.

According to Bloomberg, 178.07 million shares were bought at 68 sen each, a significant premium from the closing price on Friday of 39.5 sen.

At 11.30am today, KUB's share price climbed 6.5 sen or 16.46% to 46 sen, after 18.24 million shares were traded so far.

Based on data from the Companies Commission of Malaysia, Anchorscape Sdn Bhd is an investment holding company linked to Darhim Dali Hashim and Datuk Abdul Rahman Mohd Redza. Prior to the transaction, Anchorscape was the largest shareholder in KUB with a 52.17% stake in the company.

Darhim is a director of Prasarana Malaysia Bhd and chief executive officer of Radimax Group Sdn Bhd, a shipyard, engineering and vessel-building company, while Abdul Rahman is an Umno Linggi state assemblyman.

Meanwhile, JAG Capital is also an investment holding company linked to the family of former finance minister II Datuk Seri Johari Abdul Ghani. The directors of the company include Johari himself, his wife Datin Seri Zurwati Haslinda Zainal Bahry, his son Amir Rasyidi Johari as well as CI Holdings Bhd group managing director Megat Joha Megat Abdul Rahman.