IFCA falls 7% after substantial shareholder pares stake

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KUALA LUMPUR (Sep 9): IFCA MSC Bhd fell 3 sen or 6.59% to 42.5 sen at afternoon break after private equity fund manager Brahmal Vasudevan pared his stake in the business software solution company. Following the disposal, Vasudevan ceased to be IFCA's substantial shareholder.

IFCA was the fourth most-active counter on the local exchange with some 47 million shares done.

Based on IFCA's filing to Bursa Malaysia yesterday, Vasudevan had disposed of 11.25 million shares in the company.

The disposal came after Vasudevan acquired 25 million shares or 5.55% in Bursa Malaysia ACE Market-listed IFCA last August 26, emerging as a substantial shareholder in IFCA then.

Today, Kenanga Investment Bank Bhd wrote the immediate support and resistance of IFCA's share price are at 44 sen and 48 sen.