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NewsNotable Trade Innofarm ceases to be Spring Gallery's substantial shareholder
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Notable Trade Innofarm ceases to be Spring Gallery's substantial shareholder
by Cals Tue 10 May 2016, 10:22
- Notable Trade
[size=28]Innofarm ceases to be Spring Gallery's substantial shareholder
By Supriya Surendran / theedgemarkets.com | May 9, 2016 : 7:43 PM MYTKUALA LUMPUR (May 9): Innofarm Sdn Bhd, the investment vehicle of the Yap family that founded poultry firm Lay Hong Bhd, has ceased to be a substantial shareholder in Spring Gallery Bhd.
A Bursa Malaysia filing today showed that Innofarm, which had emerged as a substantial shareholder in Spring Gallery in August last year, had disposed of a net total of 8.35 million Spring Gallery shares, or a 7.4% stake in the company, on May 3.
Innofarm's shareholding in Spring Gallery is now 3.23 million shares, or a 2.9% stake.
On May 4, the company was slapped with an unusual market activity query over the sharp fall in its share price, which had nosedived from RM1.22 on April 25 to 65 sen on May 4, a 46.7% drop.
Spring Gallery, which is a pottery and porcelain products manufacturer, had recently announced its diversification into property development and construction.
Last month, the group announced it was appointed as the managing contractor for a RM260 million mixed development project in Perling, Johor Bahru.
Spring Gallery shares fell one sen or 1.65% today to close at 59.5 sen for a market capitalisation of RM67.24 million.
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