Urusharta Jamaah Sdn Bhd (UJSB) has disposed of its entire stake in Integrated Logistics Bhd and ceased to be a substantial shareholder of the group.
According to an announcement by Bursa Malaysia on 25 April, UJSB, the government’s special-purpose vehicle set up to take over Lembaga Tabung Haji’s (LTH) underperforming assets, disposed of 20.5 million shares or a 10.78 percent stake in the company on 20 April.
Notably, UJSB emerged as the substantial shareholder in late 2018 as a result of LTH’s recapitalisation exercise in which the pilgrimage fund transferred part of its equity investments, including shareholding in Integrated Logistics, to UJSB.
According to Bloomberg, Integrated Logistics’ largest shareholder is Tee Tuan Sem, who is also the company’s executive director, holding a 15.67 percent stake, followed by Etern Group (HK) Ltd with a 9 percent stake.
Since the beginning of the year, Integrated Logistics’ stock has risen by 25 percent and surged from 38 sen in early January.
Shares in Integrated Logistics gained 1.5 sen to close at 47.5 sen on Monday, valuing the company at RM92.64 million.