KUALA LUMPUR (May 18): Urusharta Jamaah Sdn Bhd, which has been trimming its stake in Progressive Impact Corp Bhd recently, has ceased to be a substantial shareholder of the company, following the latest share disposal on May 13.

In a stock exchange filing today, Progressive Impact said the development came after Urusharta, a vehicle set up by the government to take over Lembaga Tabung Haji’s underperforming assets, sold 4.88 million Progressive Impact shares that day.

Urusharta first emerged as a substantial shareholder in Progressive Impact with 65 million shares, representing a 9.91% stake, following its receipt of Lembaga Tabung Haji’s shareholdings in December 2018.

The stake was reduced to 37.38 million shares, representing a 5.70% stake, on May 6. The latest disposal further trimmed its shareholding to 32.5 million shares or 4.96%.

According to its 2019 annual report, Progressive Impact is controlled by executive deputy chairman Zaid Abdullah and his wife Zaidah Mohd Salleh, via their shared vehicle Zaiyadal Keluarga Sdn Bhd, which has a 47.27% stake in the company. Zaid himself holds another 7.31% direct interest, while his wife has 1.34%.

Urusharta has also ceased to be substantial shareholder in a number of companies recently, including KSL Holdings Bhd, Uzma Bhd, Alam Maritim Resources Bhd, CSC Steel Holdings Bhd, MCT Bhd, Eastern & Oriental Bhd, WCT Holdings Bhd, Star Media Group Bhd and Puncak Niaga Holdings Bhd.

Progressive Impact's shares closed 4.76% or half a sen higher at 11 sen today, giving it a market capitalisation of RM72.12 million.