Major shareholders of Century Logistics deny selling stake

by **Cals** Wed 07 Jan 2015, 09:31

Major shareholders of Century Logistics deny selling stake

KUALA LUMPUR: Major shareholders of Century Logistics Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) are not selling their interests in the supply chain management and logistics provider, the group said in an announcement to Bursa Malaysia yesterday.
Century Logistics was commenting on a news report by The Edge Financial Daily yesterday, which cited unnamed sources as saying that the group’s major shareholders, who collectively hold about 44%, were looking to sell their equity interests in the supply chain management and logistics provider.
It added that after due inquiry into the group’s major shareholders — Datuk Phua Sin Mo (pic), Teow Choo Hing and Teow Choo Chuan, they currently have no intention of selling their equity interests in Century Logistics.
“Upon due inquiry, we wish to advise that the stated intention of the major shareholders looking to sell their equity interests in the group is completely untrue,” it said.
Phua is Century Logistics executive chairman, while Choo Hing is managing director. Choo Chuan was executive director until his resignation on Aug 14, 2014.
It added that the major shareholders have reiterated that they will take the lead to charge ahead and ensure continued growth of the group in the years to come.
“The leadership for this charge will come from both Datuk Phua Sin Mo and Teow Choo Hing,” it said in the filing.
Shares in Century Logistics surged 8% to a high of 67.5 sen yesterday, before settling up 4.8% or three sen at 65.5 sen. Its market capitalisation stood at RM236.19 million.
Century Logistics’ largest shareholder is Phua, with a 26.67% stake in the group. As at Oct 21, 2014, Phua held a 19.18% direct stake and a 7.49% indirect stake through his wife Datin Lee Lay Hun and daughter Pamela Phua Jo Lyn.
Other substantial shareholders include Choo Hing, who has an 11.53% stake, while his brother Choo Chuan holds a 6.03% stake. Both are nephews of Phua.

This article first appeared in The Edge Financial Daily, on January 6, 2015