Tanco Holdings Bhd Group Managing Director Datuk Sri Andrew Tan Jun Suan has disposed of 15.24 million shares in the property developer through a direct business transaction, while retaining his position as the company’s largest shareholder.
According to a filing, Tan sold the shares on June 30 through a direct interest.
Following the disposal, his direct shareholding declined to 1.198 billion shares, equivalent to a 19.89% stake in Tanco.
He also continues to hold an indirect interest of 2.028 billion shares, or 33.65%, through TJN Capital Sdn Bhd and Millennium Land Sdn Bhd under Section 8 of the Companies Act 2016.
In total, Tan retains beneficial ownership of approximately 3.226 billion shares, representing a combined 53.54% stake in the company.
The filing did not disclose the identity of the purchaser or the value of the transaction.
Tan has served as Tanco’s Group Managing Director since March 2015, overseeing the group’s expansion in property development and diversification into other business segments.
He holds a commerce degree from the University of Melbourne and has experience across various industries.
The substantial shareholder notice was dated July 3 and received by Tanco on the same day.
The share price has rebounded 25% of late to RM0.18 after low of RM0.13
