KUALA LUMPUR: German billionaire Andreas Heeschen has ceased to be a substantial shareholder of KNM Group Bhd after disposing of over 61.56 million shares in the company.
In a filing with Bursa Malaysia yesterday, KNM Group said Heeschen disposed of the shares via the open market.
It does not indicate any transaction value, however the company's stock was trading between eight and nine sen yesterday.
Heeschen first emerged as a substantial shareholder of KNM in September last year.
Heeschen was part of a group of shareholders that tried to oust the KNM board at an extraordinary general meeting (EGM) on Oct 16.
However, Heeschen and other shareholders failed in their bid to vote out the board of directors of KNM.
KNM chairman Tunku Datuk Yaacob Khyra currently controls the group with an 18.69 per cent shareholding via MAA Group Bhd, Imperium Edumaax Sdn Bhd, and Melewar Industrial Group Bhd.
KNM last traded at 8.5 sen a share, giving it a market capitalisation of RM343.9 million.
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