KUALA LUMPUR (Dec 24): Datasonic Group Bhd (KL:DSONIC) said Azlan Abdul Kadir’s status as a substantial shareholder of the company has ceased following a 20 million share disposal.

Azlan’s vehicle Demi Mekar Sdn Bhd offloaded the shares, comprising a 0.72% stake, on Dec 11 and 12, according to the information and communications technology solution provider in a bourse filing on Tuesday.

Based on back-of-the-envelope calculations, Demi Mekar and in turn Azlan’s stake has been trimmed to 4.79% from 5.51%.

Bloomberg off-market data showed a 10 million share block traded on Dec 11, followed by another 10 million share block on Dec 12. Both blocks were traded at 55 sen or an aggregate RM11 million.

The price tag represents a 27.91% premium to the closing price of 43 sen on Dec 11 and Dec 12.  

A check with the Companies Commission of Malaysia (SSM) showed that Demi Mekar is 52%-owned by Datuk Safian Mohd Yunus, while Azlan owns the remaining 48%.  

According to the bourse, Demi Mekar’s stake trim on Dec 11 and 12 also pared Safian’s stake in Datasonic to 13.9% — comprising a 0.01% direct stake and a 13.89% indirect stake, including via Demi Mekar.

Datasonic’s other substantial shareholders include Datuk Abu Hanifah Noordin with an 8.34% stake, and Chew Chi Hong with 5.2%.

Shares in Datasonic ended half a sen or 1.19% lower at 41.5 sen on Tuesday, valuing the company at RM1.23 billion.