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KUALA LUMPUR (Aug 5): MMAG Holdings Bhd has sold its entire 29.89% stake in MSCM Holdings Bhd (previously known as PanPages Bhd) to Penang's Hong Seng Group for RM18.09 million cash.

In a stock exchange filing, MMAG said following the disposal, 95.21 million shares were sold yesterday to Hong Seng Assembly Sdn Bhd, which is controlled by Datuk Teoh Hai Hin and his brothers Hai Seng, Hai Bim and Hai Peng. MMAG has also disposed of 75.17 million MSCM warrants to another private company, Landasan Simfoni Sdn Bhd, for RM751,680.

MMAG said its cost of investment in MSCM amounted to RM16.78 million. MMAG plans to use part of the proceeds from the disposal to fund the purchase of two freehold plots in Kawasan Perusahaan Valdor, Pulau Pinang, which it announced in October last year. The balance would be used as working capital to set up a northern logistics hub.

Following the disposal, MSCM, in separate filings, announced that Hong Seng Assembly now controls a 29.89% stake in the company, and that Hai Hin, 61, and his daughter Teoh Soon Han, 35, had joined MSCM's board as the executive chairman and an executive director respectively.

The previous independent and non-executive chairman, Tengku Farith Rithauddeen, meanwhile, has been redesignated as an independent director.

MSCM also said it will be changing its name to Hong Seng Consolidated Bhd.

MSCM shares closed 30 sen or 38.5% higher at an all-time high of RM1.08 today, giving it a market capitalisation of RM344.07 million. It saw 25.87 million shares done.

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