KUALA LUMPUR (June 2): MR DIY Group (M) Bhd’s substantial shareholder Creador has disposed of 86.65 million shares in the home improvement retailer.

Following the disposal, which took place on May 31, the private equity fund is left with 540.83 million shares or an 8.61% stake in MR DIY, according to the group’s filing with Bursa Malaysia on Thursday (June 2).

In a separate filing, MR DIY notified that Creador chief executive officer Brahmal Vasudevan acquired 500,000 shares in MR DIY on June 2 for a cash consideration of RM1.61 million.

Based on a back-of-the-envelope calculation, Brahmal acquired the shares at RM3.21 apiece.

Following the acquisition, he now has a total of three million shares or a 0.05% stake in MR DIY.

For the first quarter ended March 31, 2022, MR DIY’s net profit dropped 19.5% to RM100.5 million, from RM124.79 million a year ago, due to higher expenses as it opened more stores.

Quarterly revenue, however, rose 4.02% to RM905.16 million from RM870.18 million, driven by contributions from new stores.

MR DIY shares were trading one sen or 0.31% lower at RM3.21 at 3.20pm on Thursday, giving the group a market capitalisation of RM20.17 billion.