KUALA LUMPUR (Sept 10): ITMAX System Bhd’s (KL:ITMAX) non-independent executive director Datin Afinaliza Zainal Abidin has ceased to be a substantial shareholder of the smart city integrated system solution provider after disposing of 61.9 million shares.

Afinaliza, through her private vehicle Ganda Sensasi Sdn Bhd, sold the block of shares in off-market transactions on Sept 6 for over RM201.1 million, according to ITMAX's bourse filing on Tuesday. The identity of the buyer was not disclosed.

A check on Bloomberg showed that the shares were transacted in eight blocks at RM3.25 apiece. This is a discount of 1.81% compared to the stock's closing price of RM3.31 on Sept 6.

The disposal reduced Afinaliza's stake in ITMAX to 4.58%, below the 5% threshold required for substantial shareholding status, down from 10.6%.

ITMAX’s remaining substantial shareholders are its non-executive director and major shareholder Tan Sri Tan Boon Hock, along with his son, managing director and chief executive officer William Tan Wei Lun. Together, they control a 53.26% stake through Sena Holdings Sdn Bhd.

Shares in ITMAX closed two sen, or 0.6%, lower at RM3.28 on Tuesday, giving the company a market capitalisation of RM3.38 billion. Year-to-date, the stock has risen by over 83.24%.