K-One’s top management sells 45 million shares

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KUALA LUMPUR (Nov 10): Three of K-One Technology Bhd’s top management disposed an aggregate of 45 million K-One shares off-market last Friday at 37 sen apiece.

The shares were sold at a discount of 28.8% or 15 sen to K-One’s share price, which closed at 52 sen last Friday.

A filing with Bursa Malaysia today showed that its chairman Lim Beng Fook and chief executive officer Lim Soon Seng sold 21.2 million shares and 11.5 million shares in K-One respectively, while co-founder Bjørn Bråten sold 12.3 million shares.

A separate filing indicated that Beng Fook and Soon Seng had disposed of their shares to institutional investors, while Bråten sold his shares to strategic investors.

Following the disposals, Beng Fook and Soon Seng own 13.55% (50.76 million shares) and 11.6% (43.46 million shares) respectively. Bråten holds 9.01% or 33.73 million shares in K-One.

K-One’s share price rose to an intraday high of 53 sen today, before easing to close at 49.5 sen. This brings its market capitalisation to RM185.4 million.