US fund pares Genting stake
F Saad 
US-based OppenheimerFunds Inc has ceased to be a major shareholder in Genting

US-based investment fund OppenheimerFunds Inc has ceased to be a substantial shareholder in Genting Bhd after it disposed of 8.39 million shares in the open market, two separate exchange filings with Bursa Malaysia on Nov 9 reveal.

Following the divestment, the fund now holds a 4.97% stake in the conglomerate whose chief businesses are centred on leisure, resort, gaming (casino) and plantation, among others.

Since Nov 6, Genting has seen its share price spike 5.41% to close at RM9.48 on Nov 9 following confirmation that its chairman and CEO Tan Sri Lim Kok Thay had taken control of the family’s shares in the company through direct and indirect stakes totalling 44.38%.

Kien Huat Realty, controlled by the Lim family, is currently the largest shareholder in Genting with a 38.63% stake.

Meanwhile, Tan Sri Mokhzani Mahathir, through his investment vehicle Khasera Baru Ltd, divested another 384.97 million shares in Sapura Energy Bhd, according to the company’s Bursa filing on Nov 9.

The disposal marks Mokhzani’s exit from the oil and gas firm, five years after he had merged his company Kencana Petroleum Bhd with Sapuracrest Petroleum Bhd. He had been progressively paring down his stake in the company he founded. Sapura Energy closed at RM1.46 on Nov 9.

Elsewhere, Cuscapi Bhd CEO and executive director Her Chor Siong disposed of 4.58 million shares in the open market, netting RM2.18 mil in the process, according to another Nov 9 Bursa filing. Following the transaction, Her now has a 3.15% stake or 19.98 million shares in the company.

Last month the food & beverage management solutions company announced its plans to raise RM79.8 mil by selling new shares and warrants to fund its expansion plans. The subscribers of the shares and warrants are Ultimate Quality Success Sdn Bhd, Ong Chin Hui, Tan Sri Koh Kin Lip and Datuk Dr Tan Kim Heung. Cuscapi closed up 2.06% at 49.5 sen on Nov 9.

Practice Note 17 company Maxwell International Holdings Bhd saw its former president Li Kwai Chun disposing of 8.94 million shares at two sen each in the open market, according to a Bursa filing on Nov 8.

Li has been steadily paring her stake in the subsidiary of the China-based Jinjian Zhenxing Shoes and Plastics Co Ltd since August. The footwear manufacturer closed unchanged at 2.5 sen on Nov 9. 

This article first appeared in Focus Malaysia Issue 258.