KUALA LUMPUR (May 15): Kuan Poh Huat has sold his entire 19.74 million shares, representing a 15.16% stake, in Spring Gallery Bhd for RM14.35 million or 72.7 sen per share.

He disposed of 14.66 million shares on May 12, and the remaining 5.08 million shares today.

Spring Gallery shares closed at 78 sen on May 12 and at 83 sen today, indicating that Kuan’s disposal price of 72.7 sen per share was a 6.8% discount to its closing price last Friday and a 12.4% discount to its closing market price today.  

In a filing with Bursa Malaysia today, Spring Gallery said Kuan, 49, has also resigned as an executive director in the company, which has interests in the manufacturing and trading of ceramic wares as well as property development.

His resignation was with immediate effective. Kuan was appointed to the board of Spring Gallery in May 2015, the same time that he had emerged as a substantial shareholder of the company.

It was during Kuan’s entry into the company in 2015 that newsflow had emerged of the group’s diversification into property and construction. Aside from his directorships in a few privately-held construction and property businesses, Kuan is also active in politics.

He currently serves as the chairman of the Malaysian Chinese Association (MCA) Kampung Setanggi, Johor Baru branch and is also the treasurer for the Johor Baru MCA.