KUALA LUMPUR (Dec 31): CJ Century Logistics Holdings Bhd’s (KL:CJCEN) CEO Steven Teow Choo Hing has ceased to be a substantial shareholder of the total logistics provider.

This came after Teow disposed of 44.87 million shares — equivalent to a 7.71% stake in the company — on Wednesday (Dec 31), according to CJ Century's bourse filing. This leaves him with a residual 1% holding in the company, based on his latest shareholding prior to the disposal of 50.71 million shares or an 8.715% stake in November.

Teow sold the block at 56.4 sen apiece for a total of RM23.31 million. The sale price was more than three times the stock's closing price of 15.5 sen on Wednesday.

On the same day of Teow's stake disposal, the group's largest and now sole substantial shareholder, CJ Logistics Asia Pte Ltd (CJ Asia), acquired a 44.87 million share block on the same day. The stake purchase raised CJ Asia’s stake in the company to 62.8%.

Teow had been a substantial shareholder of CJ Century since 2001. He was redesignated as the company's CEO from managing director in November 2020 following its integration into the South Korean-owned CJ Logistics group.

Shares in CJ Century ended the year unchanged at 15.5 sen, valuing the company at RM89.23 million.