KUALA LUMPUR (Jan 10): PRG Holdings Bhd group executive vice chairman Datuk Lua Choon Hann has ceased to be a substantial shareholder of the group after he disposed of another 955,600 shares or a 0.22% stake, between Jan 5 and 9.  

Lau, who has made been reducing his stake in the group in recent weeks, is left with a 4.91% stake following the latest sale.

According to the property developer's filing with Bursa Malaysia on Tuesday, Hann sold the 955,600 shares in the open market at 17 sen and 17.5 sen per share. Based on a back of the envelope calculation, he would have earned RM166,730 from the sale.

In September last year, PRG’s 50.45%-owned subsidiary Furniweb Holdings Ltd disposed of its entire stake in loss-making Meinaide Holdings Group Ltd to Omen Wealth Ltd for HK$15 million (RM8.88 million) cash. Meinaide Group is principally engaged in the trading and sale of polyvinyl chloride and other plastic products.

Shares in PRG closed half a sen or 2.86% lower at 17 sen, giving the group a market capitalisation of RM71.25 million.