Dr Wong Kar King, the managing director and controlling shareholder of Advanced Holdings has sold 17 million shares via an off-market transaction to Asia Agri Renewable Fund.
The shares represented 16.78% of the company’s entire share capital based on the total number of 101.27 million shares in issue.
Following the transaction, Wong’s stake has been reduced to 8.3% from 25.08% previously. Accordingly, he has ceased to be a controlling shareholder of the company. Wong will, however, remain its managing director.
For the 1HFY2025 ended June 30, Advanced Holdings reported a loss of $1.6 million, 6% higher than the loss of $1.5 million in the 1HFY2024.
Shares in Advanced Holdings closed 0.8 cents higher or 7.27% up at 11.8 cents on Aug 26.
