PIE stake in Thai firm PIT reduced

PETALING JAYA: PIE Industrial Bhd 99.99% owned subsidiary Pan International Electronics (Thailand) Co Ltd (PIT) has entered into a subscription agreement with Pan International Industrial Corp (PIIC) for the issuance of 4.09 million new ordinary shares at 50 baht per share, raising a total of RM27.14mil.

In a filing with Bursa Malaysia, PIE said that following the share subscription, its ownership in PIT will be reduced to 55%, while PIIC, also the ultimate holding company of PIE, will hold the remaining 44.99%.