KUALA LUMPUR (Feb 6): Euro Holdings Bhd’s former group managing director and major shareholder Datuk Seri Steven Lim Teck Boon and his father, Datuk Lim Chaw Teng, sold a 2.38% stake in the furniture maker for RM2.14 million.

According to a bourse filing on Tuesday, the pair’s investment vehicle S.P.A. Furniture (M) Sdn Bhd offloaded 30.5 million shares on Feb 2, slashing its shareholding to 553.06 million units or 43.08% of the group’s share base.

Teck Boon owns another 1.78 million shares or 0.14% directly.

A check with Bloomberg showed that a 30.5 million share block in Euro was traded at seven sen apiece or an aggregate RM2.14 million. Based on the counter’s 7.5 sen close on Feb 2, the shares were sold at a 6.67% discount.

This disposal comes a little over three months since Teck Boon resigned as Euro’s group managing director back on Nov 1 last year.

It is worth noting that just days after Teck Boon’s departure from Euro’s board, he together with the group (defendants) were sued by Surian Creation Sdn Bhd for RM19.29 million.

Surian Creation claimed that the defendants purportedly conspired by “seizing full control” over Surian Creation and then using the company to obtain banking facilities to be used for the benefit of the defendants.

“The company categorically denies any impropriety alleged/insinuated by Surian Creation through the action. In this regard, the company will engage legal counsel to defend the company against the action filed by Suria Creation,” Euro said.

“The company’s position is that the alleged claims made by Surian Creation are vexatious, frivolous and without merit," the group added.

Shares in Euro ended half a sen or 7.14% lower at 6.5 sen, giving the company a market capitalisation of RM78.24 million.

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