KUALA LUMPUR (Jan 5): MMAG Holdings Bhd's (KL:MMAG) largest shareholder, businessman Datuk Seri Farhash Wafa Salvador Rizal Mubarak, has disposed of his entire 19.9% stake in the company at a hefty premium, and stepped down as its chairman.
Farhash, a former political secretary of Prime Minister Datuk Seri Anwar Ibrahim, sold the stake comprising 462 million shares on Dec 31 at 18.9 sen apiece, or RM87.32 million in total, according to a bourse filing on Monday.
At 18.9 sen apiece, the block was transacted at more than double the counter’s Dec 31 closing price of seven sen.
Farhash emerged as MMAG’s largest shareholder with the 19.9% stake in March 2025 and was appointed as the company's chairman.
No transaction price was disclosed for the purchase, but Bloomberg’s off-market data showed 462 million shares were traded in four tranches at 40 sen apiece, amounting to RM184.8 million.
Meanwhile, MMAG said in a separate filing on Monday that Farhash had resigned as non-executive chairman effective Jan 2 to “pursue personal commitments”.
His emergence as a substantial shareholder of MMAG in March 2025 came a day after NexG Bhd (KL:NEXG) bought a 7.54% stake in the company.
Prior to Farhash’s appointment, MMAG’s board was chaired by former public service director general Tan Sri Mohd Khairul Adib Abd Rahman.
Mohd Khairul Adib had earlier that month surfaced as a substantial shareholder in NexG and resigned as MMAG chairman to “pursue other interests”.
From late October to early November 2025, MMAG shares saw a sharp fall — from 57 sen on Oct 29 to 8.5 sen on Nov 7. This prompted an unusual market activity (UMA) query from the bourse regulator.
MMAG responded to the query by saying it was unaware of possible explanations for the UMA. Since the fall, MMAG shares have yet to recover.
On Monday, shares in MMAG ended unchanged at seven sen, valuing the company at RM162.48 million.