Tan Sri Tan King Tai, who recently gained a substantial stake in EKA Noodles Bhd has ceased to be a substantial shareholder of electrical and electronic appliance manufacturer Pensonic Holdings Bhd

In a filing with Bursa Malaysia, the company said Tan, who is a Pensonic executive director, sold his direct shareholding, comprising 3.61 million shares or 2.783% of Pensonic’s issued share capital, for RM2.24mil. (He sold at 61.24 sen and 63 sen per share.)

The disposal reduced his stake to 2.477%, comprising 1.708% direct and 0.768% indirect stakes. Tan, 62, was appointed as Pensonic executive director in September 1995. He became a substantial shareholder four years ago.

He is also executive chairman of furniture maker SWS Capital Bhd.

Tan recently became the chairman of EKA Noodles Bhd, where he surfaced as a substantial shareholder with 19.65% deemed interest in May.

Earlier, in March, he resigned as director of Denko Industrial Corp Bhd following Oregon Technology Sdn Bhd’s takeover of the tool fabrication and plastic manufacturing firm.

Pensonic shares closed unchanged at 61 sen yesterday with 1.955 million shares changing hands.

Source: The Star