KUALA LUMPUR: A bank force-sold Ann Joo Resources Bhd’s executive chairman Datuk Lim Kiam Lam’s shares in the steel manufacturer.

According to a bourse filing yesterday, Ann Joo said that Lim had disposed of 374,400 shares, adding that it is the “disposal of pledged shares by the bank” and that “the disposal is not the director’s intention to deal.”

The shares were sold for RM495,198. The shares were disposed of in two transactions. The first block of 29,300 share shares were sold for RM40,434, and the remaining 345,100 shares for RM454,764.

Lim’s direct stake in the group has now dropped to only 5.15 million shares, or 0.96% stake.

However, the executive chairman also has an indirect stake through investment holding companies Ann Joo Resources Sdn Bhd and Lim Seng Chee & Sons Sdn Bhd, amounting to 47.96% equity stake in the steel manufacturer.

According to Bloomberg, in the first quarter of 2018 (1Q18) Lim’s direct shareholding was 7.03 million shares. However, in 3Q18, his shareholdings reduced to 5.53 million shares prior to the latest transaction.

Ann Joo’s share price has been on decline since November 2017 from a peak of RM3.63 to a low of RM1.16 in December last year. It closed at RM1.29 yesterday.