KUALA LUMPUR (Oct 18): Cast acrylic sheet manufacturer Asia Poly Holdings Bhd has ceased to be a substantial shareholder of Karyon Industries Bhd.
In a bourse filing, Asia Poly said it between May 25 and Oct 15 disposed of 28.42 million shares or a 5.97% stake in Karyon in the open market for RM8.24 million.
Following the disposal, Asia Poly is left with 5.5 million shares or a 1.16% stake in Karyon.
Asia Poly said it made a gain of RM650,212 from the disposal of the 28.42 million shares.
The disposal was carried out after reviewing the overall market conditions, said Asia Poly, adding that the proceeds from the disposal will be used for working capital and other investments.
Karyon is principally engaged in investment holdings and provision of management services, and is also involved in the manufacturing of polymeric products via two subsidiaries.
Asia Poly shares closed up 0.5 sen or 3.13% to 16.5 sen, for a market capitalisation of RM144 million.
Meanwhile, Karyon was unchanged at 29.5 sen, valuing the company at RM140 million.