Jho Low's father cuts Frencken stake from 8.14% to 4.74%

Larry Low Hock Peng quit as Frencken's non-executive, non-independent chairman in 2016.
Larry Low Hock Peng quit as Frencken's non-executive, non-independent chairman in 2016.

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.

The elder 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 that is named after his father.

The elder 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 1Malaysia Development Berhad (1MDB) scandal.

Frencken shares - which have fallen about 25 per cent since the start of the year - rose 3.85 per cent yesterday to close at 40.5 cents.

The Low father-and-son duo are wanted by the Malaysian police on money-laundering charges related to the alleged embezzlement of funds from Malaysian state investment company 1MDB.

The elder Low disposed of his shares in Meng Tak Corp on the same day that the charge was filed against him for allegedly transferring US$56.4 million (S$77.1 million) in stolen funds to an account controlled by his son.

A version of this article appeared in the print edition of The Straits Times on August 31, 2018, with the headline 'Jho Low's father cuts Frencken stake from 8.14% to 4.74%'. Print Edition | Subscribe