KUALA LUMPUR (Sep 2): The Lim family that controls Kossan Rubber Industries Bhd has been trimming its stake in the glove manufacturing firm, with the latest disposal of some 8.38 million shares last Friday, according to exchange filings today.
The stock settled at RM15.98 last Friday, up 58 sen or 3.77% from the previous day's close.
The off-market sale of the shares was carried out via the family's investment vehicle, Kossan Holdings (M) Sdn Bhd, which is controlled by founder Tan Sri Lim Kuang Sia and directors Lim Kuang Wang, Lim Kuang Yong, Lim Kwan Hua and Lim Leng Bung.
Following this, the family, through the investment vehicle, collectively holds 599.9 million shares, representing a 46.91% indirect interest, in Kossan, the filings showed.
Kuang Sia, who is also the group's managing director and chief executive officer, holds 603.03 million shares, representing a 47.15% stake including a 0.12% direct interest, in the glove maker.
Based on past filings, the Lim family disposed of 20.66 million shares in the open market on Aug 17, when the stock settled 72 sen or 5% lower at RM13.68. This was the first time in this year that the Lim family reduced its stake in the firm.
Between April 17 and last Friday, the Lim family disposed of some 55.03 million shares in Kossan held by Kossan Holdings through off- and open-market transactions.
Kossan's share price settled 68 sen or 4.3% lower at RM15.12 today with 2.34 million units done. This gives the counter a market capitalisation of RM19.34 billion. Year to date, the stock's value has increased by RM10.96 or 263.46%.
Edited by S Kanagaraju
http://www.theedgemarkets.com/article/kossan-directors-trim-stake-dispose-838-million-shares
