KUALA LUMPUR (Sept 20): CB Industrial Product Holding Berhad (CBIP) said Yacktman Asset Management LP has ceased to be its substantial shareholder after disposing of 1.08 million shares in the palm oil equipment and parts manufacturer.

In a bourse filing on Wednesday, CBIP said the transaction was carried out on Tuesday. Based on the closing price of RM1.14 on that day, the transaction would be worth RM1.23 million.

Yacktman, a US-based boutique investment firm, held 24.2 million shares or a 5.11% stake in CBIP as of March 31, 2022, based on CBIP's 2022 annual report.

Subsequent to the latest transaction, Yacktman's shareholding in CBIP has come down to 4.88% or 23.32 million shares. CBIP's two largest shareholders are group managing director Datuk Lim Chai Beng (40.73%) and Zee Capital Sdn Bhd (6.48%).

CBIP, which also operates a bio fuel refinery plant, reported a net profit of RM18.86 million for the six-month period ending June 30, 2023, a decline of 45% compared with RM34.36 million in the same period the previous year. The lower profitability was attributed to losses incurred by the group's palm oil plantation segment, associates and joint ventures.

Six-month revenue dropped 8.7% to RM393.58 million from RM430.96 million previously.

Shares in CBIP closed one sen or 0.88% higher at RM1.15, valuing the group at RM567.24 million. The stock has risen 24% since hitting this year's low of 91 sen on July 10.