KUALA LUMPUR (July 27): Shares of JAKS Resources Bhd fell as much as 8% this morning to RM1.04, in the aftermath of the company’s announcement yesterday that a prominent investor had disposed of some shares as well as ahead of its injunction hearing appeal.

Renowned investor Koon Yew Yin had disposed a total of 5.88 million shares representing a 1.1% stake in the company.

The shares were disposed from July 20 to July 25.

Koon’s stake in JAKS now stands at 109.36 million shares or a 20.03% stake, and he remains the largest shareholder in the company which is involved in construction and power generation.

His wife Tan Kit Pheng had also disposed 1.25 million JAKS shares on July 25. Her total shareholdings in the company now stands at 8.45%.

JAKS has been embroiled in a court case with Star Media Group Bhd, after the media company attempted to make a call on a RM50 million bank guarantee when JAKS failed to deliver a 15-storey office block called Tower A on the stipulated date.

JAKS had filed a fresh injunction in the Court of Appeal to restrain two banks from releasing the RM50 million guarantee to Star Media.The Court of Appeal hearing for the injunction is to take place today. — theedgemarkets.com

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