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Industronics cuts Solution Engineering stake to 7.84%

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Industronics cuts Solution Engineering stake to 7.84% Empty Industronics cuts Solution Engineering stake to 7.84%

Post by Cals Tue 29 Apr 2014, 22:05

Industronics cuts Solution Engineering stake to 7.84%
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Tuesday, 29 April 2014 08:27

KUALA LUMPUR (Apr 29): Electronics-based Industronics Bhd further reduced its stake in Solution Engineering Holdings Bhd (SEHB) after selling 5.5 million shares or 2.96% in the latter at 12.63 sen each.

The open-market transaction yesterday brought Industronics' stake in SEHB to approximately 7.84%, according to Industronics' statement to the exchange. 

"Upon completion of the disposal, the company’s shareholdings in SEHB reduced to 14,541,900 SEHB shares, representing approximately 7.84% of the issued and paid-up share capital of SEHB," Industronics said.

Industronics had on April 24 last year acquired a 32.15% stake in SEHB on the open market. Industronics had sold SEHB shares to its current equity level to raise funds for the seller. 

The latest transaction followed two open-market transactions in November last year. 

Industronics' latest statement came after Bursa Malaysia issued an unusual market activity (UMA) query on Industronics after the stock fell as much as 30 sen  or 44% to hit limit down yesterday.

Industronics closed at its intraday low of 38.5 sen with some 2.6 million shares done. The company had not replied to Bursa's query at the time of writing.
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