Bidang Lagenda ceases to be a substantial shareholder in Nexgram

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KUALA LUMPUR (Nov 13): Bidang Lagenda Sdn Bhd has ceased to be a substantial shareholder in the Nexgram Holdings Bhd, after disposing some 230.86 million shares, equivalent to a 12.26% stake.

The end-to-end mobile application service provider told Bursa Malaysia in an announcement today that Bidang Lagenda has been reducing its stake in the company since January this year.

According to the filing, Bidang Lagenda sold a total of 202.26 million shares or 10.74% stake in Nexgram, through six transactions between end of January and mid-August.

Subsequently on Aug 29, Bidang Lagenda further disposed some 28.6 million shares or 1.52% interest, bringing his total stake to 3.74% or 70.44 million.

The disposal included shares and entitlement of bonus shares, it said.

To recap, Nexgram's Chief Executive Officer and Managing Director Tey Por Yee has been gradually reducing his stake in the company recently. He sold some 21.05 million or 1.13% interest in the past week, bringing his total shareholding to 282.08 million shares or 14.98%.

In addition, his associate Ooi Kock Aun also disposed some 97.03 million share or 5.16% stake since end of October, trimming his stake to 8.92% or 167.94 million shares, from about 14% previously.

Nexgram's share fell 0.5 sen to close at 9 sen today, giving it a market capitalisation of RM169.45 million.