MMAG Holdings Bhd’s largest shareholder, businessman Datuk Seri Farhash Wafa Salvador Rizal Mubarak, has sold his entire 19.9% stake in the company at a significant premium and has stepped down as chairman.
Datuk Seri Farhash Wafa Salvador Rizal Mubarak has stepped down as MMAG Holdings Bhd’s chairman.
In a bourse filing on Monday, MMAG said Farhash, who is a former political secretary to Prime Minister Datuk Seri Anwar Ibrahim, disposed of 462 million shares on Dec 31 at 18.9 sen per share, valuing the transaction at RM87.32 million.
The disposal price was more than double MMAG’s closing price of seven sen on Dec 31.
Farhash became MMAG’s largest shareholder in March 2025 after acquiring the 19.9% stake and was subsequently appointed chairman of the company. While the acquisition price was not disclosed at the time, Bloomberg off-market data showed that 462 million shares were traded in four tranches at 40 sen per share, amounting to RM184.8 million.
In a separate filing, MMAG said Farhash had resigned as non-executive chairman, effective Jan 2, citing the need to “pursue personal commitments”.
Farhash’s emergence as a substantial shareholder in March 2025 came a day after NexG Bhd acquired a 7.54% stake in MMAG. Prior to Farhash’s appointment, MMAG was chaired by former public service director-general Tan Sri Mohd Khairul Adib Abd Rahman, who had earlier that month become a substantial shareholder in NexG and resigned from MMAG to pursue other interests.
MMAG shares experienced a sharp sell-off between late October and early November 2025, falling from 57 sen on Oct 29 to 8.5 sen on Nov 7, which triggered an unusual market activity (UMA) query from Bursa Malaysia. The company later said it was unaware of any reasons for the sharp price movement. The share price has yet to recover since then.
On Monday, MMAG shares closed unchanged at seven sen, giving the company a market capitalisation of RM162.48 million.
