Palette Multimedia shares down 14.8% after MyEG MD disposes of stake in the firm

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KUALA LUMPUR (Nov 14): Palette Multimedia Bhd’s share price was down by 6 sen or 14.8% at 34.5 sen in early afternoon trading, after My EG Services Bhd managing director Wong Thean Soon said he has disposed of his holdings in Palette and will refrain from making any passive investments in listed equities in the future.
 
Palette’s price had earlier in the day fallen to as low as 33 sen. A total of 43.3 million shares were traded as of 3pm.
 
The counter had traded between 6 sen and 52 sen in the last 52 weeks, as its 200-days average stood at about 13.1 million shares.
 
Palette, which is a solution provider of broadband, wireless and networking products and services, is one of the two companies Wong was reported to have acquired as passive investment. 
 
The other company is Malayan United Industries Bhd (MUI), which was down 4.7% at 20.5 sen, with about 19.0 million shares exchanging hands.
 
At the current level, Palette has seen a total return of 438.5% compared with a year ago, giving it a market capitalisation of RM120.2 million.