PETALING JAYA: Hong Kong-listed Asia Television Holdings Ltd has exited property developer Yong Tai Bhd
, after it disposed of its second-largest block of shares in the latter.
The sale took place as Yong Tai stock rallied by over 60% in the past month.
Asia Television’s wholly-owned subsidiary, Full Winning Developments Ltd, sold its entire 27.36 million shares in Yong Tai in a series of transactions on June 27-28. This represents a 6.44% stake in Yong Tai.
In a filing with Hong Kong Stock Exchange, Asia Television said it sold the shares at the average selling price of 35 sen per share. “The aggregate gross sale proceeds of the disposal were about RM9.58mil.”
The group is expected to recognise a gain before taxation of approximately 2.24 million yuan (RM1.45mil).
