KUALA LUMPUR (July 17): Tan Sri Lim Kuang Sia, the founder and group managing director of Kossan Rubber Industries Bhd (KL:KOSSAN), and his brother Lim Kuang Wang are no longer substantial shareholders of Berjaya Corp Bhd (KL:BJCORP).

According to Berjaya Corp's filings with Bursa Malaysia on Thursday, the Lim family's investment vehicle, Kossan Holdings (M) Sdn Bhd, disposed of 89.2 million shares — representing a 1.53% stake — in Berjaya Corp on Tuesday, July 15.

Following the disposal, Kossan Holdings’ stake was reduced to 107.6 million shares or 1.84%, down from 196.8 million shares or 3.37%.

Bloomberg’s off-market data shows that the 89.2 million-share block was transacted at 28 sen per share, amounting to RM24.98 million. In December last year, Kossan Holdings had sold another block of 100 million shares at 29.5 sen apiece.

Kossan Holdings is controlled by Kuang Sia and other directors, including his siblings Kuang Wang, Lim Kuang Yong, and Lim Leng Bung.

Kuang Sia holds a 2.18% direct stake in Berjaya Corp, while Kuang Wang holds 2.14%. Following the disposal by Kossan Holdings, their deemed interests have declined to 4.32% and 3.98% respectively, from 5.56% and 5.51% previously.

Berjaya Corp’s largest shareholder is its founder Tan Sri Vincent Tan Chee Yioun, who controls a 19.79% stake in the conglomerate.

At market close on Thursday, Berjaya Corp shares remained unchanged at 28 sen, valuing the group at RM1.67 billion.