Quick take: Eversendai falls 2.7% as Koon ceases to be substantial shareholder

KUALA LUMPUR: Shares in Eversendai Corp Bhd fell over 2% in the early trade Monday following news that tycoon Koon Yew Yin has ceased to be a substantial shareholder.

The steel structure specialist fell 2.75%, or 1.5 sen to 53 sen with over 2.3 million shares traded. The counter is currently trading at a P/E ratio of about 5.9 times. In the past one year, the counter has fallen some 24%.

Koon, who is one of the founders in IJM Corp owns 38.96 million shares or a 4.99% stake in Eversendai following the disposal.

Koon first emerged as a substantial shareholder in Eversendai on April 28, 2017, after he acquired 45.95 million shares or a 5.937% equity interest in Eversendai.

Source : TheStar