Kentz shareholder to sell stake
A major shareholder in Kentz is to sell part of its stake in the company, representing about 10 per cent of the company’s issued share capital.
Kerbet, which represents the interests of chairman Tan Sri Mohd Razali Abdul Rahman and director Hassan Abas, is to sell 12 million shares in a placing. It will still hold a 16 per cent stake in the engineering firm after the sale, and has agreed not to sell any further shares for at least six months.
Kerbet took a 60 per cent stake in the Kentz group in 1994, rescuing it from examinership.
"Kerbet has had a longstanding investment in Kentz, which has been in place for more than 18 years and we are delighted with the way the management team of Kentz has developed the business,” the chairman said. “The proposed sale is aimed at achieving greater portfolio diversification but Kerbet remains a firm supporter of the company with a material stake in it and I am looking forward to continuing in my role as chairman."