KUALA LUMPUR (Aug 24): CBH Engineering Holding Bhd (KL:CBH) managing director and major shareholder Cheah Boon Hwa has disposed of a 5% stake in the mechanical and electrical engineering group for RM76.14 million, as the company's share price continues to climb post-listing.
Cheah offloaded 94 million shares via his private investment vehicle, Quay Holdings Sdn Bhd, through a direct business transaction last Thursday (Aug 20) at 81 sen per share, according to CBH Engineering in a bourse filing on Monday.
The transaction price represents a 4.14% discount to the stock's closing price of 84.5 sen on the transaction date.
CBH Engineering shares have been on a steady climb since listing on the ACE Market in January last year.
The counter closed at 89.5 sen on Monday, having more than tripled from its initial public offering price of 28 sen, lifting the group's market capitalisation to RM1.68 billion.
Following the disposal, Cheah retains a controlling stake of 64.053%, comprising a direct 0.058% stake (1.1 million shares) and an indirectly held 63.995% stake (1.204 billion shares).
At Monday's closing price, his remaining 1.205 billion-share block was valued at RM1.078 billion.