MassMutual no longer Genting's substantial shareholder

During the quarter in review, the car distributor registered a net profit of RM32.82mil compared with RM19.43mil in the corresponding period last year. Consequently, its earnings per share jumped to 8.4 sen from 4.97 previously

KUALA LUMPUR: Fortune 500 company Massachusetts Mutual Life Insurance Company (MassMutual) has ceased to be Genting Bhd’s substantial shareholder after more than three years. 

Based on filings with Bursa Malaysia on Thursday, funds managed by MassMutual subsidiaries OFI Global Institutional Inc and OppenheimerFunds Inc have pared down their combined stake in Genting by 26.52 million shares since July 31.

Based on the counter’s closing price of RM9.48 on Thursday, the value of MassMutual’s deemed interest that was sold is RM251.39mil.

The disposal reduced MassMutual’s deemed interest to 4.9703% or 190.14 million shares from 5.717% or 216.65 million shares in July.

MassMutual emerged as Genting Bhd’s substantial shareholder in May 2014 when funds managed by its subsidiaries, OppenheimerFunds Inc and OFI Global, acquired 186.09 million shares or 5.006%.