KUALA LUMPUR (Dec 9): Steel storage tank maker CN Asia Corp Bhd is no longer a shareholder of Zen Tech International Bhd (formerly known as INIX Technologies Holdings Bhd).

This came after the group sold two million Zen Tech shares on Wednesday (Dec 7) and another 473,722 shares on Thursday (Dec 8), according to CN Asia's filing on Friday (Dec 9).

The disposals of the two blocks of shares were made at the market price of 3.5 sen per share, CN Asia said, adding that the proceeds from the disposal will be used for its working capital.

"The original cost of investment for the disposal was RM185,506.65 and the disposal is resulting in a loss of RM98,936.88," it said in the filing.

The group had recently reduced its stake in the glove maker and e-commerce specialist. On Monday (Dec 5), CN Asia held 8.85 million shares (1.05% stake) in Zen Tech after selling a total of 45.57 million shares.

CN Asia subscribed to 108.61 million shares of Zen Tech on June 29 as part of a debt settlement, giving it a 17.465% stake in Zen Tech.

The group then sold 38.64 million shares on Nov 30, followed by another 15.9 million shares on Dec 1, bringing its stake in Zen Tech to 54.07 million shares, or 6.69%.

At market close on Friday, CN Asia's share price fell one sen, or 3.33%, to 29 sen, valuing it RM54.21 million. Zen Tech, meanwhile, closed flat at three sen, with a market capitalisation of RM21.22 million.