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Friday, January 31, 2020

Man charged with drugs a minority stakeholder, says PBA Holdings

PBAHB CEO Jaseni Maidinsa says the man charged in court is not a substantial shareholder.
GEORGE TOWN: Penang government’s public-listed investment company PBA Holdings Berhad (PBAHB) today said a man recently charged with drug trafficking has no bearing on the company’s operations as the shareholder only held a minority stake in the company.
PBAHB CEO Jaseni Maidinsa, without mentioning the name of the shareholder, said the person only held 1.85% of the total shareholdings — or 6,127,600 ordinary shares in the company.
“Although this shareholder is listed as the fifth ‘largest shareholder’ in PBAHB, he is not a substantial shareholder.
“He is also not a director of PBAHB or any subsidiary. He is not represented in any of our companies’ boards or management.”
As such, Jaseni said this shareholder’s case does not affect the daily operations of PBAHB and Penang Water Supply Corporation (PBAPP) in any way.
He added that the controlling stake in the company is via the Penang state secretary, holding 55%, and the Penang Development Corporation, holding 10%, followed by Yayasan Bumiputra Pulau Pinang Berhad (4.1%).
Credit Suisse is ranked as the fourth-largest shareholder (1.96%).
Yesterday, Ooi Chieng Sim, 51, was charged with seven others for trafficking methamphetamine under the Dangerous Drugs Act 1952 through one of his company warehouses. No pleas were recorded.
Ooi is also chairman of two public-listed companies, Heng Huat Resources Group Bhd and ATTA Global Group Bhd (ATTA). ATTA had reportedly said the warehouse was rented by a third party since April 1, 2016 and had terminated the lease on Jan 21 after a police raid.
PBAHB’s subsidiaries include PBAPP, the sole water utility company in the state. It also has two other companies under it.
PBAHB has been KLSE-listed since 2002. According to klsescreener.com, PBAHB has a market capital of RM354.5 million and has traded between RM1.06 and RM1.11 per share over the past four weeks.
The stock stayed largely flat today at RM1.07 per share as of 4.05pm. - FMT

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