Friday 29 Mar 2024
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KUALA LUMPUR (Oct 28): China-based Multi Sports Holdings Ltd’s largest shareholder Power Wide Holdings Limited sold additional 2.9 million shares or 0.56% equity stake in the shoe sole maker today, bringing down its shareholding to 36.56% or 189.2 million shares.

Lin Huozhi, 51, executive chairman of Multi Sports, has deemed interest in Multi Sports through Power Wide.

Lin has been paring down his stake in the company in the past months, and has yesterday just announced on its disposal of 18.3 million or a 3.6% stake (on Oct 24) in the shoe sole manufacturer.

Lin's move to trim his shareholding has raised eyebrows. And the investing public is pondering who the buyers are, who have absorbed those shares, equivalent to about 9% equity stake.

As at April 30 this year, Power Wide’s direct stake in Multi Sports was at 45.1%.

It is unclear at this point as to who are the parties acquiring these shares.

Multi Sports closed down 0.5 sen or 3.03% today at 16 sen, giving it a market capitalization of RM82.80 million.

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