Deutsche Asia Pacific sells Kenanga stake
Johnny Loh 
Kenanga Investment Bank Bhd’s third largest shareholder, namely Deutsche Asia Pacific Holdings Pte Ltd, has ceased to be a substantial shareholder of the company.
A filing with Bursa Malaysia on Dec 14 shows that Deutsche Asia Pacific disposed its entire 7.44% stake or 53.76 million shares in Kenanga at 52 sen each. 

As of Dec 14, Kenanga’s largest shareholder is Cahya Mata Sarawak Bhd with 25.38% where 21.22% is held through its subsidiary CMS Capital Sdn Bhd.

For its Q3 ended Sept 30, the investment bank’s net profit dropped 10.21% to RM5.42 mil from RM6.04 mil in the previous corresponding quarter. 

The lower net profit was mainly attributed to lower trading and investment income as well as a higher share of losses from associate companies and a joint-venture company. The counter closed at 55.5 sen on Dec 14.

This article first appeared in Focus Malaysia Issue 263.