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- The cessation came after Chuah sold 410,000 shares representing a 0.13% stake in the company in the open market.
KUALA LUMPUR (June 6): Mitraland Group founder Chuah Theong Yee (pictured) has ceased to be a substantial shareholder in steel products maker Eonmetall Group Bhd (KL:EMETALL).
The cessation came after Chuah sold 410,000 shares representing a 0.13% stake in the company in the open market, Eonmetall's bourse filing on Friday showed.
Based on prior filings, following the disposal, his stake in Eonmetall was trimmed to 4.99%—below the 5% threshold required to be deemed a substantial shareholder.
Chuah emerged as a substantial shareholder in Eonmetall in October 2022 with a 7.3% stake.
He left his stake largely untouched until May this year, when he started trimming his shareholding.
Eonmetall’s largest shareholder is its executive director Datuk Goh Cheng Huat with a 41.08% stake, followed by Magma Group Bhd (KL:MAGMA) executive chairman and major shareholder Datuk Seri Lee Hock Seng, with 8.21%.
Eonmetall shares were untraded on Friday. The counter last closed at 25 sen on June 4, valuing the company at RM76.95 million.
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