KUALA LUMPUR (Dec 2): Sunway Bhd (KL:SUNWAY) founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling, and his private vehicle Sungei Way Corp Sdn Bhd, have sold a combined total of 100 million shares in the diversified company for RM485 million or RM4.85 per share.

The company's bourse filings on Monday showed that Cheah sold 50 million shares, reducing his direct stake in Sunway to 9.98% from 10.97% previously.

Sungei Way Corp, which Cheah controls alongside his daughter Sarena Cheah Yean Tih and son Evan Cheah Yean Shin, also disposed of 50 million shares. Following the transaction, Sungei Way's stake in Sunway dropped to 44.08% stake 45.41%.

The transactions took place through direct business dealings on Nov 28, when Sunway's share price closed at RM4.85.

Cheah now holds a combined 54.06% direct and indirect stake in Sunway.

Earlier this year, the founder of Sunway sold a portion of his shares. Sungei Way Corp placed out 150 million shares in January at RM2.30 per share and 200 million shares in May at RM3.52 per share. The Cheah family's equity interest in Sunway was 64.91% as at mid-January.

For the third quarter ended Sept 30, 2024, Sunway's net profit more than doubled to RM376.08 million, up from RM180.3 million a year earlier, driven by robust performance across its core businesses. Revenue increased 31.8% to RM2.03 billion from RM1.54 billion.

Shares of Sunway closed down 1.03%, or five sen, at RM4.80 on Monday, giving the company a market capitalization of RM27.59 billion. The counter, which hit a record high of RM5.02 on Nov 25, has risen by over 123% since the start of this year.