M3 Technologies’ substantial shareholder disposes of stake

M3 Technologies’ substantial shareholder disposes of stake
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KUALA LUMPUR (June 14): M3 Technologies (Asia) Bhd, which received two unusual market activity (UMA) queries from Bursa Malaysia over the past month, said one of its substantial shareholders has sold off his shareholding.  

The shareholder, Quek Soon Tiang, disposed of 10.2 million shares or a 5.17% stake in the company on June 8, for an undisclosed amount, the company said today.

Following the disposal, Quek no longer holds any shares in M3 Technologies.  

Prior to this, XOX Bhd emerged as a substantial shareholder in the loss-making company, after acquiring two million shares on May 5, bringing its shareholdings to 11.69 million or a 5.92% equity stake.  

M3Tech shares closed 0.5 sen or 4% lower today at 12 sen, for a market capitalisation of RM23.37 million.