This article first appeared in The Edge Financial Daily on May 16, 2017 - May 22, 2017

KUALA LUMPUR: Kuan Poh Huat has sold his entire 19.74 million shares, representing a 13.5% 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 yesterday.

Spring Gallery shares closed at 78 sen on May 12 and at 83 sen yesterday, 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 yesterday.

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

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