GDB’s former managing director disposes of 6.3% stake at discount

KUALA LUMPUR (March 2): GDB Holdings Bhd's (KL:GDB) former group managing director Cheah Ham Chia has disposed of a 6.3% stake in the builder at a discount.

Cheah’s vehicle, CHC Holdings Sdn Bhd, sold the stake, comprising 65 million shares, for RM21.125 million on Thursday, according to a bourse filing on Friday.

The sale cut his stake in the group to 11.34%.

At RM21.125 million, the shares were disposed of at 32.5 sen apiece—a 15.6% discount to Thursday’s close of 38.5 sen.

Cheah stepped down as group managing director on Dec 16 last year, and was appointed alternate director to his son, executive director Cheah Jun Kai.

Near his resignation as group managing director, he began to slash his stake in the group.

Since Dec 12, 2025, he has offloaded 341.905 million shares or a 33.15% stake.

No new substantial shareholders have emerged following the disposals, based on available bourse disclosures.

Despite the disposals, Cheah is still one of the group’s largest shareholders, equal to group executive director and another substantial shareholder Alexander Lo Tzone Leong, who also owns an 11.34% stake.

Shares in GDB ended unchanged at 38.5 sen, valuing the group at RM391.94 million.

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