KUALA LUMPUR (Jan 25): Jiankun International Bhd announced that its single largest shareholder Advance Information Marketing Bhd has ceased to be its substantial shareholder due to the dilution of shareholding arising from Jiankun's private placement exercise.

The announcement was filed with Bursa Malaysia on Wednesday (Jan 25). Advance Information, a business process outsourcing solutions provider, also updated the same via its own separate bourse filing.

Advance Information, which held 7.659% in Jiankun representing 16.37 million shares as at April 22, 2022 — based on Jiankun's Annual Report 2021 — has had its shareholding diluted to 4.77%, according to Bloomberg data.

Its present single largest shareholder is Lee Sue Wen with 8.22%, followed by Tyung Teh Hooi with 7.29%, and Tai Tean Seng with 7.15%.

On Dec 14, 2022, the group, through TA Securities, announced that 17.5 million shares — being the fourth and final tranche of its private placement involving a total of 98 million shares that raised the group RM18.56 million — had been completed following the listing and quotation of those shares on the Main Market of Bursa Malaysia.

Jiankun's share price closed half a sen or 2.38% higher at 21.5 sen on Wednesday, giving it a market capitalisation of RM73.72 million.