KUALA LUMPUR (March 17): Ministry of Finance’s special purpose vehicle (SPV), Urusharta Jamaah Sdn Bhd, has ceased to be Star Media Group Bhd’s substantial shareholder, after the entity sold 532,100 shares in the media company on March 13.

Urusharta Jamaah first emerged as substantial shareholder of Star Media Group on Dec 28, 2018, when it took over the stake from Lembaga Tabung Haji. The SPV previously owned a total of 39.80 million Star shares, equivalent to 5.39% stakes.

According to Bursa filings, Urusharta Jamaah had started to pare its stakes in Star since March 5.

Shares of Star closed 1.5 sen or 5.1% lower at 28 sen today – the lowest level in 1998. Year-to-date, the stock had fallen 42%.