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Jho Low's father cuts stake in Singapore-listed contract manufacturer Frencken
LARRY Low Hock Peng, the father of fugitive financier Jho Low, has ceased to be a substantial shareholder of Singapore-listed contract manufacturer Frencken Group.
Mr Low, who was Frencken's non-executive and non-independent chairman until he resigned in 2016, reduced his holdings from 8.14 per cent to 4.74 per cent last Friday, according to an exchange filing on Wednesday.
His deemed interest in the company fell after he disposed of his shares in Meng Tak Corp, the Low family vehicle named after his father Low Meng Tak.
Mr Low is a co-founder of Frencken. He was also its second-largest shareholder, though his stake in the company has been the subject of speculation ever since he stepped down from the board amid the 1MDB (1Malaysia Development Bhd) scandal.
Shares of Frencken have lost about 28 per cent of their value since the start of the year.
The father and son duo are wanted by the Malaysian police for money-laundering charges related to the alleged embezzlement of funds from Malaysian state investment company 1MDB.