KUALA LUMPUR (Dec 4): Kanger International Bhd’s largest shareholder and executive director Kuah Choon Ching has disposed of his entire 12.28% stake in the company.

According to a bourse filing on Monday, Kuah offloaded the stake comprising 74.05 million shares via the open market on Nov 30, thereby ceasing to a substantial shareholder in the construction outfit.

Based on the price tag of seven sen per share stated in the filing, the executive director disposed of the block of shares for RM5.18 million.

Following Kuah's divestment of his stake, the company’s largest shareholder is now Sii Tung Nai, with an 8.39% stake or 50.58 million shares. He is also the lone substantial shareholder of Kanger.

Kuah was appointed to Kanger’s board as an executive director in August 2020.

Shares in Kanger closed half a sen or 7.14% lower at 6.5 sen on Monday, giving the company a market capitalisation of RM42.24 million.