AHB Holdings sees substantial shareholder exit within two weeks
KUALA LUMPUR: AHB Holdings Bhd saw City Popular Cash Sdn Bhd cease to be a substantial shareholder just two weeks after it emerged with a 10.87 per cent stake, held under a pledged securities account for Majestic Salute Sdn Bhd.
KUALA LUMPUR - AHB Holdings Bhd witnessed a significant reduction in its substantial shareholder, City Popular Cash Sdn Bhd, within a fortnight, according to a Bursa Malaysia filing.
On August 24, City Popular disposed of 68 million shares through an off-market transaction, reducing its stake below the substantial shareholder threshold. The transaction price and the identity of the buyer remained undisclosed. Based on AHB's closing prices of four sen on August 21 and 4.5 sen on August 24, the block's market value was estimated between RM2.72 million and RM3.06 million.
Previously, on August 18, AHB disclosed that City Popular had become a substantial shareholder after acquiring 99.78 million AHB shares in an off-market transaction on August 10. The filings did not identify the parties involved in these transactions, and the entity behind Majestic Salute, which held the shares, remained unknown.
After the disposal, City Popular would be left with 31.78 million AHB shares. As of the writing, AHB shares were trading at four sen, down half a sen or 11.11%, with 7.08 million shares traded.
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