Reason | Multi-Purpose Credit Sdn Bhd ["MPC"] had ceased to be a substantial shareholder of Hing Yiap Knitting Industries Berhad as a result of the amendment made to Section 69D of the Companies Act, 1965 effective from 1 August 2001 wherein a person is considered to be a substantial shareholder in a company if he holds not less than 5% of the total voting shares in a company.
Prior to the above amendment, a person is considered to be a substantial shareholder if he holds not less than 2% of the total voting shares in a company. |