KUALA LUMPUR: Kencana Capital Sdn Bhd has exited Yinson Holdings Bhd. The investment vehicle, in which Tan Sri Mokhzani Mahathir holds a 70% stake, has sold 119.71 million shares to Trinity View Sdn Bhd, a company owned by its other shareholder Datuk Yeow Kheng Chew for RM367.5 million or RM3.07 per share.

On top of that, Kencana Capital has distributed dividend in species to its two shareholders.

After the share sale and share dividend, Yeow, who is known as Mokhzani’s close associate, holds 14% or 153.37 million shares in Yinson, according to Yinson’s filings with Bursa Malaysia yesterday.

Meanwhile, Mokhzani has ceased to be a substantial shareholder in Yinson.

Bloomberg data showed some Yinson shares were crossed off market at RM3.07, which was 12 sen or 3.76% lower than yesterday’s closing of RM3.19.

In July, Yeow and two others — Paulene Chee Yuet Fang and Tan Yee Chee, a remisier — were charged by the Securities Commission Malaysia with insider trading in relation to the proposed merger of Kencana Petroleum Bhd and SapuraCrest Petroleum Bhd in 2011.

The alleged offences were committed at Bursa Malaysia Securities Bhd on July 8, 2011.

Kencana Capital bought into Yinson in 2013 through two share placements, emerging as the oil and gas services company’s second largest shareholder after Yinson’s founder and managing director Lim Han Weng.

Yinson shares closed one sen or 0.31% higher at RM3.19 yesterday, with a market capitalisation of RM3.47 billion. Year to date, the counter has risen 9.62%.