KUALA LUMPUR (Aug 15): KNM Group Bhd founder Lee Swee Eng has ceased to be a substantial shareholder of the industrial process equipment maker.
This comes after he disposed of 40 million KNM shares via direct business transactions on Aug 12, according to the group's Bursa filing on Monday (Aug 15).
"[The] 40 million shares represent 1.088% of the issued and paid-up share capital of 3.68 billion ordinary shares, which exclude a total of 1.84 million ordinary shares held as treasury shares as at Aug 15," the filing read.
Lee founded KNM Group in 1990 as a private company specialising in manufacturing of process equipment and developed it into a global process equipment manufacturer and total solutions provider for the oil and gas, petrochemical and energy industries.
He was appointed as group managing director of KNM in June 2003. He was redesignated as executive chairman and group chief executive officer in September 2010. He then relinquished his position as executive chairman in April 2013.
In July 2020, KNM announced that Lee was retiring and would relinquish his posts as group CEO and executive director, with both positions being taken over by Tan Koon Ping.
Shares in KNM closed unchanged on Monday at 12 sen, giving the group a market capitalisation of RM441.4 million.