NTPM’s Teoh disposes shares

KUALA LUMPUR (May 16): NTPM Holdings Bhd saw its major shareholder Teoh Teik Lin dispose of 5.74% stake in the paper products manufacturer and ceasing to be a substantial shareholder.

According to NTPM’s filing with Bursa Malaysia on May 16, Teik Lin offloaded 64.46 million shares, representing 5.74% stakes held through Kota Beras Sdn Bhd and Teoh Peng Heong & Sons Sdn Bhd.

Prior to this, Teik Lin had 11.56% total stake in the group.

Meanwhile, his cousin Dr Teoh Teik Toe has disposed of 8.70 million shares at 53 sen per share on Monday (May 15), at a premium of 8.16% to the closing price of 49 sen.

The disposal represents his entire 0.78% stake via CIMB Group Nominees (Asing) Sdn Bhd in the group.

He then resigned as a non-independent non-executive on Tuesday (May 16), due to personal commitment.

On Monday, paper tycoon Oei Tjie Goan emerged as a substantial shareholder in NTPM with a 22.42% stake.

Oei, president and chairman of Indonesia’s Sinar Mas Group, bought 251.76 million shares via Premier Investment Ltd. This makes him the second largest shareholder in NTPM.

Chairman cum managing director Lee See Jin is the largest shareholder with a 29.0% direct and a 12.33% indirect stake in NTPM.

NTPM’s share price closed 0.2 sen or 4.08% lower to 47 sen on Tuesday, valuing the company at RM527.90 million.

Read more:
Paper tycoon Oei Tjie Goan buys 22.4% in NTPM