Top officials at troubled Kenmark Industrial Co Bhd (7030) claim to be still in the dark about the buyer of the shares sold by Datuk Ishak Ismail.
"There is no (new) major shareholder in the company as far as I know," company secretary Leong Oi Wah said in a text message to Business Times.
A top Kenmark official, speaking on condition of anonymity, also claimed that he did not know who had bought the shares.
"We have 4,000 shareholders. The onus is on the major shareholder to make the declaration," the official said.
Ishak ceased being a substantial shareholder by June 15 and Bursa Malaysia had formally asked Kenmark for the identity of the new controlling shareholder.
In its reply on June 16, Kenmark said that it did not know and that it had requested Bursa Malaysia Depository for the latest record of depositors.
The source said Kenmark was aware that the declaration must be made to Bursa Malaysia within three trading days and that it had missed the deadline.
"Yes, we have been queried by Bursa Malaysia. But, honestly, I have no idea who the substantial shareholders are," said the source.
Kenmark's troubles began when its major shareholder, James Hwang Ding Kuo, disappeared and then started selling down the shares.
The shares were picked up on the cheap by Ishak, who emerged with a 33.36 per cent stake.
However, he sold the stake 10 days later in mid-June, raking in a reported RM10.2 million in capital gain.
Soon after, the Securities Commission obtained an injunction to prevent Ishak from using the proceeds from the sale of the 58.7 million shares in Kenmark.
- by Business Times
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