KUALA LUMPUR (March 10): Alcom Group Bhd's second-largest shareholder SCland Holdings Sdn Bhd has disposed of its 29.54% stake which it acquired from Towerpack Sdn Bhd in September 2017.

Parts of the stake were disposed of by SCland to its controlling shareholders, namely Alcom managing director Datuk Lim Chee Khoon (8.86%), as well as Alcom executive directors Eng Kim Leong (8.86%) and Ang Loo Leong (3.9%).

The shares were sold at 60 sen apiece via off-market transaction today, according to Alcom's filings with Bursa Malaysia. It is unclear who SCland sold the remaining 7.92% stake to.

SCland acquired the 29.54% stake or 39.68 million shares from Towerpack on Sept 15, 2017 at RM1.12 apiece, which was a discount of 11.6% to the stock’s closing price of RM1.25 on that day.

At the time of writing, the counter was trading up six sen or 10% from yesterday’s close to 66 sen, valuing the aluminium company at RM90.67 million.

Towerpack, which is the private vehicle of Kian Joo Can Factory Bhd MD Yeoh Jin Hoe, remains the largest shareholder of Alcom with a 31.66% stake, according to the latter’s annual report.