Maxim’s public spread back in compliance after Comintel MD ceases to be substantial shareholder

• Maxim said the company’s public spread now stands at 30.77% as at Feb 13, versus 24.31% previously.

KUALA LUMPUR (Feb 15): Property developer Maxim Global Bhd said the company’s public shareholding spread is back in compliance with Bursa Malaysia’s listing requirements.

This came after Comintel Corp Bhd managing director and major shareholder Datuk Tan Kak Seng ceased to be a substantial shareholder of Maxim on Feb 7, according to a filing on Thursday.

Maxim said the company’s public spread now stands at 30.77% as at Feb 13, versus 24.31% previously.

On Feb 7, Tan disposed of 13 million shares or a 1.77% stake in Maxim, slashing his shareholding in the company to 35.5 million or a 4.83% stake.

A check with Bloomberg showed that the 13 million share block was traded for RM4.68 million in total or 36 sen apiece — a 5.26% discount to Feb 7’s close of 38 sen.

Maxim’s substantial shareholders include managing director Datuk Seri Gan Seong Liam with a 24.2% stake, non-independent non-executive director Chai Chang Guan with 16.36%, and Chang Guan's brother Chai Seong Min with 14.92%.

Tan is a major shareholder of Comintel with a 63.22% stake in the construction outfit.

Shares in Maxim ended unchanged at 38 sen on Thursday, valuing the company at RM279.4 million. Comintel closed one sen or 0.7% lower at RM1.42, giving the company a market capitalisation of RM642.55 million.

Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!