Edmund Santhara— previously the chief executive officer of Masterskill Education Group Bhd— and his wife Caroline Johnson D’Cruz have sold about 72 million shares or some 17.5 percent in the company at 40 sen a share.
The buyer is understood to be the company’s recently appointed executive director Siva Kumar M Jeyapalan who at 40 sen a share forked out RM28.8 million for the 17.5 percent stake and increased his own shareholding to about 30 percent.
“The shares just crossed off market, Santhara is now into politics, so he and his wife sold a huge number of their shares…now they control only some six percent in the company,” the source said.
Masterskill’s shares were unchanged at 56.5 sen at 4.15 pm, meaning the sale was a 29 percent discount to the company’s trading price. As at end December last year Masterskill’s net asset per share was RM1.03.
However for its financial year ended December 2012, Masterskill suffered a net loss of RM23.3 million from RM148.8 million in sales.
Santhara who is standing as an independent candidate in the Hulu Selangor constituency could not be contacted.
He stepped down as chief executive officer on April 17.
Siva Kumar was among the early shareholders in Masterskill and had been with the company since the early days when the MTD group were shareholders— prior to Santhara joining Masterskill.
Santhara who has been the face of Masterskill joined the company in October of 2004 as the director of Business Development, where he was tasked with improving the company’s growth opportunities.
In January 2005, he was appointed as the chief operating officer, responsible for overall management. Later that year in September, Santhara was chosen to helm the company as its chief executive officer.
According to the group’s website, Masterskill is the largest nursing and allied health sciences education group in Malaysia and one of the largest in the Asia Pacific region.
With Santhara selling down his stake, Siva Kumar is the largest shareholder of Masterskill, with 30 percent of the company’s stock, while other substantial shareholders are Crescent Point Investment Holdings Ltd with 21.52 percent, and Santhara and his wife with about six percent.