In a filing with Bursa Malaysia yesterday, Asia Poly said it has sold 39 million shares in Ta Win and 36 million rights shares in the open market from May 7 to June 9.
“The disposal was carried out after reviewing the overall market conditions.
“The sale of proceeds from the disposal will be used for working capital and other investment, ” Asia Poly said.
The company said it has gained RM1.11mil from the disposal and is still holding a 4.38% stake in Ta Win.
“The disposal did not have a material effect on the issued and paid-up share capital and the shareholdings of substantial shareholders of the company and also did not have any material effect on the gearing of the group, ” Asia Poly said.
Asia Poly first emerged in Ta Win in October 2017.