Tey continues to reduce his stake in Nexgram

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KUALA LUMPUR (Nov 12): Nexgram Holdings Bhd's Chief Executive Officer and Managing Director Tey Por Yee pares down his equity stake in the company further.

The end-to-end mobile application service provider told Bursa Malaysia in a filing today that Tey sold 13.75 million shares, representing 0.73% of the company's total issued share capital of 1.88 billion.

Tey still controls 282.08 million shares or 14.98% stake of Nexgram, after the share disposal. He is also deemed interested for 160.06 million or 8.5% stake in Nexgram, through Smart Tower Sdn. Bhd. which he has a 15% direct interest in.

To recap, Tey had some 7.3 million shares or 0.4% stake in Nexgram, through two separate transactions on Nov 7 and Nov 10.

Meanwhile his counterpart Ooi Kock Aun, who is also Nexgram's substantial shareholder, has sold some 97.03 million shares or 5.16% stake in several transactions since end of last month (October).

After the disposal, Ooi's shareholding had trimmed to 8.92% or 167.94 million shares, from about 14% previously.

Nexgram's share price has been losing ground in the past two months. The stock dropped from five-year high of 14.5 sen to 9.5 sen today. Its market capitalization is at RM178.86 million.