Resource Holding Management subsidiary reduces stake in PUC Founder (MSC) Berhad
Resource Holding Management saw the value of its shares slide by around a quarter on Friday after it announced that its wholly-owned subsidiary had sold 50m shares in Malaysia-listed media and advertising company PUC Founder Berhad (PUCF).
FTSE AIM All-Share
754.69
16:50 24/04/24
Media
11,814.38
17:09 24/04/24
Resource Holding Management Limited (DI)
7.75p
16:39 04/08/15
Subsidiary RedHot Media International sold 40m of the shares at RM 0.1313 per share and 10m shares at RM 0.13.
The total gross cash proceeds from the sale are around £1.11m, which Resource Holding plans to use to implement its investing policy and for general working capital.
The company now holds 443.2m shares in PUCF, equal to a 41.58% stake, together with 36.2m warrants to subscribe for new shares.
The share price declined 25.71% to 6.50p.