KUALA LUMPUR (Sept 7): The Securities Commission Malaysia (SC) has exempted the Ku family from undertaking a mandatory offer in KSL Holdings Bhd (KL:KSL) for consolidating their stakes under family vehicles into a single family office.

The capital market regulator granted the exemption on Sept 3, as there is no change to the ultimate shareholders and proportion of shareholding.

It cited subparagraph 4.13(3)(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions, according to a bourse filing on Monday.

Ku family members, KSL managing director Khoo Cheng Hai @ Ku Cheng Hai, executive chairman Ku Hwa Seng, executive director Ku Tien Sek, Ku Wa Chong, Khoo Keng Ghiap, Khoo Lee Feng, Ku Ek Mei and Ku Keng Yaw had transferred their stakes in KSL to the family vehicles in 2025.

Following the exemption, the family office, Success Lineage Sdn Bhd, has an indirect interest of 689.69 million shares in KSL, or a 64.24% stake, on Sept 3, via the acquisition of controlling interests in Ku family vehicles, Premiere Sector Sdn Bhd, Noble Heritage Sdn Bhd and Gorgeous Horizon Sdn Bhd.

KSL, a Johor-based property developer, was founded by Ku brothers Cheng Hai, Hwa Seng and Tien Sek.

“For the avoidance of doubt, the transfer relates to the individual shareholdings of Cheng Hai, Hwa Seng, Tien Sek, Wa Chong, Keng Ghiap, Lee Feng, Ek Mei and Keng Yaw in Premiere Sector, Noble Heritage and Gorgeous Horizon, and does not involve any transfer of the ordinary shares in KSL held by Premiere Sector, Noble Heritage and Gorgeous Horizon,” the filing noted.

Shares of KSL ended one sen or 0.36% lower at RM2.80, valuing the company at RM3.06 billion.