Fintec Global ceases to be substantial shareholder of GPA Holdings

Fintec Global ceases to be substantial shareholder of GPA Holdings
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KUALA LUMPUR (Nov 17): GPA Holdings Bhd announced that Asiabio Capital Sdn Bhd, a wholly-owned unit of Fintec Global Bhd, has ceased to be a substantial shareholder of the company. 

Asiabio sold 49 million shares or about 5% stake in the company on the open market yesterday, the group’s filing with Bursa Malaysia showed.

The share divestment pared down Asiabio Capital’s stake in the automotive battery maker to just 21 million shares or a 2.14% stake in the company. 

In the filing to Bursa, Fintec said the 49 million shares represent 70% of Asiabio’s total shareholdings in GPA.

Asiabio emerged as a substantial shareholder of GPA in less than two months on Sept 30, when it bought 50 million shares or a 5.1% stake on the open market.   

Subsequently, Asiabio raised its stake to 7.14% or 70 million shares. 

GPA’s share price was hovering between 16 sen and 20.5 sen for the period from Sept 30 until Nov 16.

Asiabio owns a stake in a list of companies including AT Systematization Bhd (28.29% as of May 29, 2020) and Vsolar Group Bhd (14.12% as of July 16, 2020).

At market close today, GPA dropped 1.5 sen to 18.5 sen, bringing a market capitalisation of RM181.39 million. Some 114.54 million shares were traded. 

Kathy Fong