Khazanah Nasional Bhd ceased to be a substantial shareholder in DRB-Hicom Bhd after selling some 1.13 million shares on Sept 23, trimming its stake to 4.97% or 98.08 million shares.
Khazanah had sold a few small blocks of shares in DRB-Hicom since April this year. Then it had about 5.28% or 104.12 million shares.
With the latest share disposal, it will not be reported if Khazanah pares down its stake in DRB-Hicom further, as it is no longer a substantial shareholder that is required to disclose its transactions in the company’s shares.
The Employees Provident Fund (EPF) has also been trimming its stake in DRB-Hicom. The pension fund had 9.9% or 191.28 million as at end last year but has since trimmed its stake to 135.27 million shares or just below 7%. Both Khazanah and EPF have been substantial shareholders in DRB-Hicom since 2000.
The selling from both the provident fund and Khazanah took place as DRB-Hicom’s share price strengthened. Since early June this year, DRB-Hicom’s stock had gained 25%, ending yesterday at RM1.25.
DRB-Hicom is controlled by businessman Tan Sri Syed Mokhtar Albukhary who has about 55.92% of DRB via his vehicle Etika Strategi Sdn Bhd.
This article appeared in The Edge Financial Daily, October 1, 2010.
No comments:
Post a Comment