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Muar Ban Lee is now Symphony Life’s largest shareholder

KUALA LUMPUR (Aug 10): Muar Ban Lee Group Bhd (MBL) has emerged as the largest shareholder of property developer Symphony Life Bhd, with a combined direct and indirect stake of 17.918%, after palm kernel expeller maker MBL’s wholly-owned subsidiary Theron Holdings Sdn Bhd acquired 67 million Symphony Life shares from the latter’s former major shareholder Gajahrimau Capital Sdn Bhd.

Gajahrimau is owned by Symphony Life’s former major shareholder Tan Sri Mohamed Azman Yahya.

Symphony Life said in a Bursa Malaysia filing yesterday that Theron on Aug 2 emerged as a substantial shareholder of Symphony Life after acquiring the 67 million shares, which raised Theron’s stake in Symphony Life to 14.406%, comprising 94 million shares.

Prior to the acquisition of the 67 million shares, MBL already owned a direct 3.512% stake, comprising 22.92 million shares, in Symphony Life.  

According to Symphony Life’s filing on Aug 5, MBL’s combined direct and indirect stake in Symphony Life rose to 17.918% after taking into account the indirect 14.406% stake held via Theron.

Previously, Symphony Life said in filings on Aug 3 that Mohamed Azman and Gajahrimau on Aug 2 ceased to be its substantial shareholders after Gajahrimau sold the 67 million Symphony Life shares.

Symphony Life, however, did not specify who the buyer was. 

In the other filing on Mohamed Azman, Symphony Life said the man ceased to be a substantial shareholder of the company as the “percentage of his shareholding was reduced to below 5% due to the disposal of shares via a direct business transaction through deemed interest”.

In an April 2, 2021 filing, Symphony Life said Mohamed Azman on that day retired as the company’s executive chairman.

According to another filing then, Datuk Jasmy Ismail was redesignated as the new chairman on that day from his previous role as a non-executive director.

MBL initially emerged as a substantial shareholder of Symphony Life on April 5, 2021, when Theron acquired 27 million Symphony Life shares in an off-market transaction that raised MBL’s combined direct and indirect stake in Symphony Life to 7.906% then, according to Symphony Life’s filing on April 7, 2021.

Meanwhile, according to MBL’s shareholder circular dated June 11, 2021, the company on April 5, 2021 announced that it also on that day (April 5) entered into the conditional share sale agreement (SSA) with Gajahrimau to acquire the 67 million Symphony Life shares for RM62.81 million or 93.75 sen each.

"Further, our group intends to diversify our existing businesess to include property investment and property development arising from our investment in Symphony Life,” MBL said in the circular.

On July 28, 2021, MBL said in a Bursa filing that the majority of its shareholders during the company’s extraordinary general meeting (EGM) then approved the acquisition of the 67 million Symphony Life shares from Gajahrimau and its planned business diversification to include property investment and development.

On Aug 4, 2021, MBL said the acquisition of the 67 million Symphony Life shares was completed on that day in accordance with the terms and conditions of the SSA.

On Bursa yesterday, Symphony Life’s share price closed unchanged at 57.5 sen, with aa market value of about RM375.44 million based on the company’s 652.94 million issued shares.

MBL’s share price also closed unchanged at 58.5 sen, with a market value of about RM122.01 million based on its 208.57 million issued shares.

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