KUALA LUMPUR (Dec 4): Morgan Stanley & Co International plc has ceased to be a substantial shareholder in information technology service provider Lambo Group Bhd.

This comes after Morgan Stanley sold off its entire shareholding of 188.82 million shares, or a 12.26% stake, in the Guidance Note 3 (GN3) company on Nov 30, according to a filing on Bursa Malaysia on Monday.

It is worth noting that Morgan Stanley had only recently acquired those entire shares on Nov 27.

Lambo was classified as a GN3 company by Bursa Malaysia earlier in February this year, after its external auditors had expressed a disclaimer of opinion in the company’s consolidated audited financial statements for the 16-month period ended Sept 30, 2022.

It was noted that Lambo has until Feb 21, 2024, to submit its regularisation plan to the relevant regulatory authorities, or risk being suspended from trading or delisted.