KUALA LUMPUR (June 9): Urusharta Jamaah Sdn Bhd (UJSB) has disposed of its entire 10.42% stake in Glomac Bhd, ceasing to be a substantial shareholder of the property developer.
According to a Bursa Malaysia filing on Thursday (June 9), UJSB — the government's special-purpose vehicle set up to take over Lembaga Tabung Haji's (LTH) underperforming assets — disposed of 80.06 million shares in the company on June 3.
UJSB first emerged as a substantial shareholder of the group in February 2020 as a result of LTH's recapitalisation exercise in which the pilgrimage fund transferred part of its equity investments, including shareholding in Glomac, to UJSB.
Meanwhile, a separate filing showed that Shapadu Capital Sdn Bhd acquired the block of shares via a direct business transaction on June 3.
According to Glomac's latest annual report, its top shareholders are executive chairman Tan Sri Mohamed Mansor Fateh Din with a 21% stake, followed by managing director/chief executive officer Datuk Seri Fateh Iskandar Mansor's 19.13%.
Shares in Glomac ended half a sen or 1.56% higher at 32.5 sen, giving it a market value of RM260.03 million.