KUALA LUMPUR (Oct 12): Founder of CJ Century Logistics Holdings Bhd (formerly known as Century Logistics Holdings Bhd) Datuk Phua Sin Mo has emerged as a substantial shareholder of Kumpulan Kitacon Bhd with a 14% stake.

According to a bourse filing on Thursday, Phua acquired the stake, comprising 70 million shares, via a married deal — a pre-agreed transfer of shares — with Kumpulan Kitacon director Teow Choo Hing.

A separate filing showed that Teow disposed of the shares at a mere 10 sen per share — an 84.96% discount to Thursday’s close of 66.5 sen.

Based on back-of-the-envelope calculations, Phua forked out RM7 million for the 70 million share block.

Teow’s stake in Kumpulan Kitacon was slashed to 14.91% after the disposal.

Teow remains the construction group’s second-largest shareholder, behind managing director and co-founder Tan Ah Kee with a 43.48% stake — 35.11% of which is held under his vehicle, Suan Neo Capital Sdn Bhd.

Shares in Kumpulan Kitacon ended half a sen or 0.76% higher at 66.5 sen on Thursday, giving the group a market capitalisation of RM332.5 million.

Kumpulan Kitacon was listed on the Main Market of Bursa Malaysia in January. Against its initial public offering price of 68 sen, the counter is down 2.21%.

Phua exited CJ Century in 2016, after he disposed of his 31.44% stake or 120.54 million shares in the company he founded at RM1.45 per share to South Korea’s largest total cargo delivery company CJ Korea Express Asia Ptd Ltd.