KWAP ceases to be WCT substantial shareholder

KUALA LUMPUR (April 9): Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has ceased to be a substantial shareholder of WCT Holdings Bhd following the disposal of 7 million shares or a 0.5% stake in the company last week.

The pension fund now holds a 4.98% stake in WCT.

Based on the counter’s closing price of RM1.18 on April 5, the disposed shares were worth RM8.26 million.

KWAP, which had a 6.2% stake in WCT as at March 1, 2018, had been progressively paring down its stake since the beginning of March, based on its share capital of 1.41 billion.

Bloomberg data showed that its executive chairman Tan Sri Desmond Lim Siew Choon is WCT’s largest substantial shareholder, with a 17.6% stake held through his private vehicle Dominion Nexus Sdn Bhd.

Shares in WCT surged seven sen or 6.14% to close at RM1.12 today, with 6.42 million shares done, bringing it a market capitalisation of RM1.71 billion. The stock has lost 25.31% year-to-date. — theedgemarkets.com

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