KUALA LUMPUR (March 15): Tycoon Koon Yew Yin, who is one of the founders of IJM Corp Bhd, has ceased to be a substantial shareholder of Eversendai Corp Bhd, after disposing of 26.18 million shares on March 14.

Following the disposal, Koon owns 38.96 million shares or a 4.99% stake in the steel structure specialist.

Koon first emerged as a substantial shareholder in Eversendai on April 28, 2017, after he acquired 45.95 million shares or a 5.937% equity interest in Eversendai.

Shares of Eversendai closed down one sen or 1.8% at 54.5 sen, with 15.38 million shares done, bringing it a market capitalisation of RM425.7 million.