Wednesday, 13 September 2017 | MYT 9:14 PM
Chua ceases to be Permaju’s substantial shareholder
KUALA LUMPUR: Permaju Industries Bhd managing director Datuk Chua Tiong Moon has disposed of virtually his entire 8.29% stake in the loss-making automobile distribution and property development group.
The disposal of 5.53 million shares on Monday slashed his shareholding to only 1,000 shares, according to an announcement to Bursa Malaysia by the Volkswagen and Ford distributor.
Chua, who is also managing director of tourism service provider Sanbumi Holdings Bhd, has been Permaju MD since February 2013.
The company recently reported a wider net loss of RM3.82mil for the first half-year ended June 30, 2017, compared with a loss of RM2.56mil in the previous year’s corresponding period.
On its prospects, Permaju said in its latest interim financial report thar the general market condition presently in the country had not improved compared to prior years.
“And this is not expected to improve in the near term,” it continued. “These conditions will affect our future business prospects both in the automobile and property businesses,.”