Sterling Progress sees 4.4% stake traded off-market

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KUALA LUMPUR (Nov 29): Loss-making Sterling Progress Bhd saw 12.29 million shares cross off-market today, representing a 4.4% stake in the company.

According to Bloomberg data, the shares were transacted in one block and worth a total of RM2.21 million. The transaction was carried out at 18 sen a share, a 5.26% discount to today’s closing price of 19 sen.

It is not immediately known as to who the parties involved in the transactions are.

Sterling Progress reported a lower net loss of RM3.47 million for the second quarter ended Sept 30, 2017 (2QFY18), against RM4.03 million a year ago. Revenue fell 78.83% to RM5.9 million, from RM27.87 million (2QFY17).

The company attributed the lower revenue to lower sales of notebooks and smartphones.

Shares in Sterling Progress closed up half a sen or 2.7% to 19 sen, for a market capitalisation of RM53.07 million.