KUALA LUMPUR (March 24): Menang Corp (M) Bhd’s former director Dr Christopher Shun Kong Leng has ceased to be a substantial shareholder of the property developer, whose share price has jumped over the past few days, after he sold off his entire equity interest in the company.
Kong Leng offloaded his entire shareholding of 48.13 million shares or 9.45% stake in Menang via a direct business transaction on Wednesday (March 22), the company showed in a local bourse filing.
This came a day after Mariam Mohamed Eusoff, who directly held 48.11 million shares or a 9.44% stake in Menang, ceased to be the company’s substantial shareholder after selling her block of shares, also via a direct business transaction.
Meanwhile, Menang notified Bursa Malaysia that Datuk Shun Leong Kwong and Datuk Abdul Mokhtar Ahmad, who controlled Titian Hartanah (M) Sdn Bhd with Mariam, had ceased to be substantial shareholders of Menang, after the vehicle disposed of its 54.26 million shares or 10.65% stake via a direct business transaction.
Kong Leng was first appointed to the board of Menang in February 1991, but resigned as a non-independent and non-executive director in January 2021.
Amid the shareholding changes, Menang's share price climbed over 42% from Monday’s close at 44.5 sen to 63.5 sen on Friday, giving the company a market capitalisation of RM323.5 million.
Menang executive director Lee Min Huat controls the largest stake of 12.91% in the company, with a direct interest of 5.47 million shares or 1.07%, and an indirect 60.28 million shares or 11.83% held via Chye Leong Thye Sdn Bhd.
Menang’s other substantial shareholders are group managing director Toh May Fook, who has 61.1 million shares or an 11.99% stake, and executive director Liew Sook Pin, who owns 36.26 million shares or 7.12%.