PETALING JAYA: Aaron Chen Khai Voon, once the single-largest shareholder of Genetec Technology Bhd
, has ceased to be a substantial shareholder of the factory automation solutions provider.
His shareholding fell below the 5% mark after eight million shares, pledged with Al Rajhi Bank, were disposed of in the open market on May 2.
The shares were held via Chen’s private vehicle, KVC Corp Sdn Bhd.
Following the disposal, Chen continues to own 38.74 million shares in Genetec.
At yesterday’s closing price of RM1.02 per share, his equity interest was valued at RM39.5mil.
Genetec’s shares fell by 6.4% yesterday, bringing down its market capitalisation to RM807.1mil. Over the past year, the stock’s price has nearly halved.
