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PM’s cousin Haris sells five million shares in Ekovest

PM’s cousin Haris sells five million shares in Ekovest

Fri, 27 Jan 2017
1:08 pm

KUALA LUMPUR (Jan 27): Datuk Haris Onn Hussein, the brother of Defence Minister Datuk Seri Hishammuddin Hussein and cousin to Prime Minister Datuk Seri Najib Razak, has disposed of five million shares held indirectly in construction firm Ekovest Bhd at RM2.60 apiece.

Filings with Bursa Malaysia showed that Haris offloaded his shares in Ekovest via his flagship vehicle Kota Jayasama Sdn Bhd.

The disposal, according to the filing, was done on Jan 20, 2017 via “a private arrangement”.

The transacted price was at a three sen or 1.14% discount to the day’s closing price of RM2.63.

Following the disposal, Haris still has 76.15 million shares or an 8.9% interest in Ekovest via Kota Jayasama.

At yesterday’s closing price of RM2.58, Haris’ remaining stake in Ekovest is valued at RM196.46 million.

Note that Haris, 51, has been slowly disposing of his stake in Ekovest since last November.

Haris first emerged as Ekovest’s substantial shareholder after he bought 76.03 million shares, equivalent to a 24.89% interest back in May 2013.

Ekovest is controlled by its executive chairman and well-connected construction tycoon Tan Sri Lim Kang Hoo, who has a direct 20.19% interest, and an indirect 12.19% interest. However, most of its operations is managed by his nephew Datuk Seri Lim Keng Cheng who owns a 6.12% stake.

Ekovest is the holding company that owns the concession for the Duta-Ulu Kelang Expressway, an elevated highway that officially opened in 2009.

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