KUALA LUMPUR (Dec 5): Khee San Bhd shares rose 8.45% this morning after it said London Biscuits was no longer a major shareholder of the group.

At 10:29 am, shares of Khee San rose 3 sen to 38.5 sen, giving it a market capitalisation of RM40.61 million.

Financially-stressed London Biscuits announced to Bursa Malaysia yesterday that it had sold all its shares in Khee San, which will soon have a new controlling shareholder, Mamee-Double Decker (M) Sdn Bhd. 

A separate filing with Bursa by Khee San showed that London Biscuits has disposed of its entire holding of 20.80 million shares in the open market.

According to Khee San’s annual report for the financial year ended Dec 31, 2018 (FY18) London Biscuits held 20.80 million shares or a 20% stake and was the largest shareholder in the candy manufacturer.