KUALA LUMPUR (Sept 12): Taiwan-based Gemtek Investments Co Ltd has ceased to be a substantial shareholder of G3 Global Bhd, after disposing of its entire 123.75 million shares in the group.
The disposal of the shares was done through the off-market transactions, G3 Global said in a Bursa Malaysia filling.
G3 Global, formerly known as Yen Global Bhd, said Gemtek emerged as a group substantial shareholder in June 2016.
According to G3 Global's latest annual report, Gemtek was the group's second largest shareholder after Green Packet Bhd, which held a direct stake of 30% as at April 12, 2018.
However, G3 Global’s executive director Goh Kok Beng increased his stake in the group today by acquiring 46.75 million shares through Global Man Capital Sdn Bhd in off-market trade.
This raises Goh’s stake to 100.02 million shares, representing a 24.25% stake in the group.
Shares of G3 Global closed down three sen or 4.11% at 70 sen today, valuing the group at RM288.75 million.