KUALA LUMPUR (Jan 17): Cuscapi Bhd’s executive chairman Datuk Jayakumar Panneer Selvam has ceased to be a substantial shareholder of the point-of-sale systems provider, after he disposed of 55 million shares or a 5.821% stake.
Jayakumar received RM8.52 million on Tuesday (Jan 16) from the sale of the 55 million shares at 15.5 sen per share, through a direct business transaction via his private vehicle Ultimate Quality Success Sdn Bhd.
Post disposal of the shares, his indirect shareholding in Cuscapi is reduced from 7.713% to 1.892%. He holds a direct stake of 0.315% in the company and a cumulative stake of 2.207%.
Wong Thean Soon, the managing director of MyEG Services Bhd, is currently the largest shareholder in Cuscapi, holding a 30.77% stake, according to Bloomberg data.
Last month, Cuscapi sold off its entire 12.08 million shares in MyEG for RM11.11 million cash.
Shares of Cuscapi finished half a sen or 2.78% lower at 17.5 sen on Wednesday, valuing the company at RM161 million.