KUALA LUMPUR (Oct 16): Notion VTec Bhd co-founder and executive chairman Thoo Chow Fah has sold more shares in the hard-disk drive maker, cutting his direct and indirect stake to 4.431%.

According to Notion VTec's filing with Bursa Malaysia today, Thoo disposed of 1.5 million shares or 0.56% of his stake via the open market today. However, the transacted price was not disclosed.

Notion VTec's share price closed one sen or 2.56% lower at 38 sen today, bringing a market capitalisation of RM103.28 million. The stock is veering towards a five-year low recorded on Dec 16 last year, when the share price hit 34 sen.

On Tuesday, Thoo had sold 2.7 million shares in the open market and ceased to be a substantial shareholder of the company, which may not go down well with the investor community considering that the company had slipped into the red in the financial year ended Sept 30, 2014 (FY14).

Thoo has been reducing his stake since last month. He has sold a total of 12.05 million shares, equivalent to a 4.49% stake, since Sept 22.

He now holds 11.88 million shares or a 4.43% direct stake in the company, compared with 20.5 million shares, or a 7.67% equity interest, as at Jan 30.

On Tuesday, Thoo had told The Edge Financial Daily that he needed the money for his personal needs.

“I have to buy a house in Australia,” he had said.

Notion VTec recorded a net loss of RM27.74 million in FY14 compared with a net profit of RM20.09 million in FY13. Revenue shrank 12.8% to RM193.94 million in FY14 from RM222.32 million in the previous financial year.

For the first nine months ended June 30, 2015 (9MFY15), Notion VTec pared down its net loss to RM2.51 million from RM16.12 million in 9MFY14. Revenue increased nearly 28% to RM184.28 million in 9MFY15 compared with RM144.1 million in the previous corresponding period.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)