Metronic Global trims stake in NetX by 2.2%

Metronic Global trims stake in NetX by 2.2%
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KUALA LUMPUR (June 6): Metronic Global Bhd, which is in the midst of setting up a solar photovoltaic plant in Kelantan, has trimmed its stake in ACE-market listed NetX Holdings Bhd to 30 million shares, or a 4.8% stake.

A filing with Bursa Malaysia today showed that Metronic had disposed of 14.05 million shares, or a 2.2% stake in NetX, on May 27, thus ceasing to be a substantial shareholder in the company.

With the disposal, Metronic is no longer the largest shareholder in NetX. Asia Bionergy Technologies Bhd is now NetX's largest shareholder with 56 million shares, or an 8.9% stake in the company held through AsiaBio Capital Sdn Bhd.

NetX, which was previously primarily involved in turnkey solutions for network infrastructure, has now ventured into the e-payment business.

The company's executive director Steve Tan Sik Eek had told The Edge Financial Daily in a recent interview that NetX is now looking to tap into the Middle Eastern e-payment market for future earnings growth.

NetX shares were down 0.5 sen or 11.1% today to 4 sen, for a market capitalisation of RM25.02million.