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PHB and PBAPP chief executive officer Datuk Jaseni Maidinsa said although the shareholder is listed as the 'fifth largest' shareholder in PHB, he is not deemed as a 'substantial' shareholder of the company. STR/SHAHNAZ FAZLIE SHAHRIZAL

Business as usual at PBA Holdings despite criminal case on shareholder

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GEORGE TOWN: PBA Holdings Bhd (PHB), which owns Penang water supply company Perbadanan Bekalan Air Pulau Pinang (PBAPP) Sdn Bhd, today said the on-going criminal case involving a PHB shareholder has no effect on the standing and operations of the company.

PHB and PBAPP chief executive officer Datuk Jaseni Maidinsa said although the shareholder is listed as the 'fifth largest' shareholder in PHB, he is not deemed as a 'substantial' shareholder of the company.

As at Dec 31, 2019, the individual held 1.85 per cent of the total shareholdings, or 6,127,600 ordinary shares.

“Kindly note that the majority shareholder of PHB is the state secretary of Penang, which holds 55 per cent of the total shareholdings and a golden share,” Jaseni said in a statement.

The second largest shareholder is state-owned Penang Development Corporation at 10 per cent, while Yayasan Bumiputra Bhd holds 4.1 per cent, followed by Credit Suisse which holds a 1.96 per cent stake.

Jaseni was responding to media reports that Ooi Chieng Sim, the executive chairman of Heng Huat Resources Group Bhd and ATTA Global Group Bhd, was among eight men charged with drug trafficking at the Magistrate’s Court in Bukit Mertajam, Penang on Thursday.

The eight were charged with trafficking 4,980 grammes of methamphetamine at a warehouse by the side of Atta Global’s premises in the Perai Industrial Estate at about 10.30am on Jan 16, according to the charge sheet.

Ooi was also mentioned in media reports as being a shareholder of PHB.

“We would like to clarify that this shareholder is not a director of PHB or any of its subsidiaries, including PBAPP,” Jaseni said.

Jaseni also clarified that the shareholder is not associated with the management of PHB or PBAPP, and neither was he considered a 'substantial shareholder' because his shareholdings are less than 5 per cent of the total shareholdings of PBAPP.

“As such, this shareholder’s case does not affect the daily operations of PHB and PBAPP in any way,” he added.