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AEM largest shareholder Orion Phoenix sells 6% stake to new shareholders for $2.4 mil

Michelle Zhu Published on Mon, Mar 05, 2018 / 7:27 AM GMT+8

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SINGAPORE (Mar 5): AEM Holdings' largest shareholder, Orion Phoenix, has sold 4 million of its shares at $6.10 each to new shareholders comprising several institutional and family funds for a total of $2.4 million.

The sale reduces Orion’s stake in AEM by 6% to 17.3%. The consideration represents an approximate 4.84% discount as per the group's last closing price of $6.41 on Friday.

In a press release on Sunday, AEM says that attracting more long-only institutional and family funds as new shareholders is part of tge group’s plan to broaden its shareholding structure, as this can bring higher levels of scrutiny and demand for management accountability.

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AEM largest shareholder Orion Phoenix sells 6% stake to new shareholders for $2.4 mil