Urusharta Jamaah sells its entire stake in Integrated Logistics

KUALA LUMPUR (April 25): Urusharta Jamaah Sdn Bhd (UJSB) has disposed of its entire stake in Integrated Logistics Bhd and ceased to be a substantial shareholder of the group.

According to a Bursa Malaysia filing on Monday (April 25), UJSB, the government's special-purpose vehicle set up to take over Lembaga Tabung Haji's (LTH) underperforming assets, disposed of 20.5 million shares or a 10.78% stake in the company on April 20.

Notably, UJSB emerged as the substantial shareholder in late 2018 as a result of LTH's recapitalisation exercise in which the pilgrimage fund transferred part of its equity investments, including shareholding in Integrated Logistics, to UJSB.

According to Bloomberg, Integrated Logistics' largest shareholder is Tee Tuan Sem, who is also the company's executive director, holding a 15.67% stake, followed by Etern Group (HK) Ltd with 9% stake.

Since the beginning of the year, the stock has risen by 25% and surged from 38 sen in early January.

Shares in Integrated Logistics gained 1.5 sen to close at 47.5 sen on Monday, valuing the company at RM92.64 million.