KUALA LUMPUR (July 4): Ekovest Bhd (KL:EKOVEST), the controlling shareholder of PLS Plantations Bhd (KL:PLS), has transferred some PLS shares to an adviser to pay for services rendered in relation to a corporate proposal that Ekovest undertook previously.

PLS revealed in a bourse filing that the transfer took place on Wednesday and involved 167,731 PLS shares at 95 sen each, for a total of RM159,344.45. It did not reveal who the adviser is.

The number of shares represents an about 0.06% stake in the loss-making PLS, the filing showed, and trimmed Ekovest's shareholding from 61.66% to 61.57%, representing 270.66 million shares.

Ekovest's major shareholder is its executive chairman Tan Sri Lim Kang Hoo, who owns a 28.01% stake in the construction company.

Lim is also a major shareholder in Knusford Bhd (KL:KNUSFOR), Iskandar Waterfront Holdings Sdn Bhd (IWH) and Iskandar Waterfront City Bhd (KL:IWCity).

PLS shares closed two sen or 2.76% lower at 70.5 sen on Thursday, giving the group a market capitalisation of RM307.81 million. Ekovest traded half a sen higher at 47 sen, for a market capitalisation of RM1.38 billion.