KUALA LUMPUR (June 12): Tycoon Tan Sri Desmond Lim Siew Choon has trimmed his stake in Malton Bhd (KL:MALTON), a day after the counter charted a new 30-month high.
A bourse filing on Wednesday showed that Lim sold 2.75% of his stake — comprising 14.5 million shares — held indirectly through Malton Corp Sdn Bhd, on the open market.
The block of shares was sold in two tranches: 14 million shares on Monday (June 10) and 500,000 shares on Tuesday (June 11), according to the filing.
A back-of-the-envelope calculation suggests that the total sale would amount to RM7.54 million, based on the closing prices of the two trading days.
At Wednesday's close, Malton was down 3.5 sen or 6.8% to 48 sen, valuing the group at RM253.5 million.
The move came one trading day after Malton charted a new 30-month high last Friday (June 7) when it closed at 52.5 sen, last breached on Oct 20, 2021, representing a surge of 38.2% since the start of the year.
After the share sale, Lim holds a 4.3% direct stake and 36.62% indirect stake through Malton Corp.
Lim is also the second largest shareholder of Pavilion Real Estate Investment Trust (KL:PAVREIT) holding a 23.12% stake.
Another public-listed company in which Lim owns equity interest is WCT Holdings Bhd (KL:WCT). He holds a 7.42% direct stake and 18.15% indirect stake in WCT.
WCT’s share price has also rallied since late May, the stock climbed to 91 sen on Monday — the highest since October 2019. It has gained 59% over the past two weeks.
WCT settled at 83.5 sen on Wednesday, down six sen or 6.7% from its previous close, valuing the group at RM1.18 billion.