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KUALA LUMPUR: Flight training service provider APFT Bhd which recently undertook a restructuring exercise saw Low Teh Beng ceasing to be a substantial shareholder.
A filing with Bursa Malaysia on Tuesday showed he disposed of 45 million shares in the open market on Jan 12.
Prior to that, he had on Dec 21, 2017 sold three million shares and reduced his stake to 79.25 million shares or 6.39%.
The disposal of the 45 million shares would reduce his shareholding to 34.25 million shares or 2.55%.
StarBiz reported that APFT plans to sell non-profitable businesses and expand into air charter services to turn around.
In an interview with newly appointed executive director Edwin Silvester Das, this was part of the restructuring that APFT, a loss making concern, has embarked on since August this year
Das, a former investment banker, was appointed executive director of APFT on Aug 2.
In September, Goh Boon Soo @ Goh Yang Eng emerged as major shareholder of the company with a 10.43% stake.
APFT was listed on Bursa Malaysia in 2011 and it is involved in the business of providing flight training for students for jets and helicopters. It has since moved its flight school from Kota Bahru to Ipoh.
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