KUALA LUMPUR (April 29): Pacific Carriers Ltd, controlled by tycoon Robert Kuok, has disposed of 320 million shares, equivalent to a 32% stake, in Malaysian Bulk Carriers Bhd (Maybulk), thus ceasing to be a substantial shareholder of the shipping group.

According to a bourse filing on Friday (April 29), the Singapore-incorporated Pacific Carriers — previously the largest shareholder of the group — had disposed of 160 million shares to Datuk Goh Cheng Huat and another 160 million shares to Tunas Capital Sdn Bhd (TCSB).

Goh is the founder of Main Market-listed EonMetall Group Bhd and currently sits on the company’s board as an executive director. He is also an executive director of Leader Steel Holdings Bhd.

The purchase consideration for the shares was not disclosed but based on Maybulk’s closing price on Friday, the total 320 million shares would be worth RM174.4 million.

It said the disposal will be completed upon payment of the consideration by Goh and TCSB, which on Friday emerged as the new substantial shareholders of Maybulk with a 16% stake each.

Upon completion, Pacific Carriers will be left with 24.62 million shares or 2.46% in Maybulk, while Goh and TCSB will be the largest shareholders of the group, followed by Minister of Finance Inc (15.34%) and Kuok Brothers Sdn Bhd (14%).

Maybulk shares closed unchanged at 54.5 sen on Friday, giving the group a market capitalisation of RM545 million.