KUALA LUMPUR (Jan 9): MMAG Holdings Bhd (KL:MMAG) disclosed that Future Star Sdn Bhd, a Penang-based holding company, has acquired a 462 million block of shares from Datuk Seri Farhash Wafa Salvador Rizal Mubarak, who disposed of the stake on Dec 31.

Corporate records from the Companies Commission of Malaysia (SSM) show that Future Star is wholly-owned by Cheah Min Lly, a 25-year-old Penang resident. The shares remain tied to a pledged securities account with Velocity Capital Sdn Bhd, the moneylending arm of Velocity Capital Partner Bhd (KL:VELOCITY).

MMAG’s earlier filings also revealed that Farhash’s holdings had been similarly parked under a pledged securities account with Velocity Capital.

The block was transacted via a direct business deal at 18.9 sen apiece, valuing it at RM87.32 million.

Farhash, formerly political secretary to Prime Minister Datuk Seri Anwar Ibrahim, became MMAG’s largest shareholder in March 2025 with a 19.9% stake and was subsequently appointed chairman.

Although no official transaction price was disclosed, Bloomberg off-market data indicated that 462 million shares were traded in four tranches at 40 sen each, amounting to RM184.8 million. This suggests Farhash may face a shortfall of RM97.48 million.

Following the disposal, Farhash resigned as chairman on Jan 5, citing “personal commitments.”

MMAG’s shares turned active after news of the disposal, with trading volume surging to 88.23 million the following day.

On Friday, the counter attracted further interest, recording 132.15 million shares traded. Nevertheless, the stock closed 0.5 sen, or 7.1% lower, at 6.5 sen. The counter has tumbled by nearly 90% from its October peak of 64 sen.