KUALA LUMPUR (Sept 15): Chung Chee Yang has ceased to be the substantial shareholder in Cypark Resources Bhd, one year after emerging as the single largest shareholder in the company.

In a bourse filing, Cypark said Chung has disposed of 40 million shares representing a 5.10% stake in the group on Thursday.

The offload amounts to approximately RM31.80 million based on the closing price of 79.5 sen on that day.

This leaves Chung with 37.43 million shares or a 4.77% stake in the renewable energy and solid waste management company.

Chung first emerged as a substantial shareholder in September 2022 when Cypark shares were trading at a low of under 50 sen apiece, amid concerns over its financial position and progress of its waste-to-energy project in Negeri Sembilan at the time.

Since then, Chung has been actively acquiring Cypark shares up until June this year. On June 14, Chung sold 2.80 million shares, leaving him with 77.43 million shares or a 9.90% stake in the group then.

Meanwhile, Pertubuhan Keselamatan Sosial or Perkeso has purchased 2.9 million additional shares in the group, after acquiring 1.40 million shares in the open market on Sept 13 and another 1.50 million shares on Sept 14.

This brings its stake to 6.74% or 52.87 million shares in the group, from 49.98 million shares (a 6.45% stake) last February. Perkeso first emerged as a substantial shareholder in Cypark back in February this year.

Cypark's largest shareholder is Jakel Capital Sdn Bhd, part of Jakel Group, with a 22.51% stake.

Cypark recorded its maiden loss in its quarter ended April 30 due to impairments and provisioning of RM376 million including for the WTE project, which was completed this year.

The group is in the midst of issuing the second tranche of its Perpetual Sukuk Musharakah of up to RM265 million, which will be subscribed by Jakel Capital, to complete two solar power projects in the east coast.

It has expressed confidence of completing the projects by the targeted deadline of December 2023.

At market close, Cypark shares rose 1.5 sen or 1.89% to 81 sen, valuing the group at RM635.63 million.