KUALA LUMPUR (March 24): Datuk Seri Adnan Wan Mamat, a substantial shareholder of PUC Bhd, exited the group after disposing of 125.02 million shares representing 6.86% of the share base of the group, via an off-market transaction on Tuesday (March 21).

According to a filing with Bursa Malaysia by PUC, Adnan, a non-independent non-executive director of the company, was its second largest shareholder prior to the disposal, after GVPF Sdn Bhd at 10%. GPVF is a wholly-owned subsidiary of Genting Plantations Bhd.

No price was listed in the filing, but based on the closing price of PUC of three sen on Tuesday, Adnan could have disposed of the shares for RM3.75 million. If this were the case, he could have made a loss of RM11.88 million, considering that he acquired the shares at 12.5 sen apiece.

Adnan emerged as a substantial shareholder of PUC back in March 30, 2022, through the subscription of new ordinary shares at 12.5 sen per share in PUC by Matrix Edge Venture Sdn Bhd, of which he is a shareholder.

He was appointed to the board of PUC on Nov 14, 2022. Besides PUC, Adnan is also on the board of Magna Prima Bhd and Infraharta Holdings Bhd (formerly known as Vertice Bhd).

Adnan is also a board member of Royal Pahang Durian Sdn Bhd.

PUC closed at three sen per share on Friday, valuing the group at RM54.64 million.