After the sale, Gay and Chua are no longer substantial shareholders of Mencast, with a remaining stake of 4.63% from 5.74% previously.
Gay is deemed interested in the shares held by Chua and vice versa.
On Sept 25, Gay and Chua sold 1.63 million shares to the market for $51,213 or 3.14 cents each. The stake reduced the couple’s stake to 5.74% from 6.09% then.
Mencast reported a loss of $416,000 in 1HFY2024 ended June 30, down from earnings of $2.08 million in the corresponding period the year before.
See also: Ho Bee Land’s founder and executive chairman Chua Thian Poh ups stake in company
Shares in Mencast closed 0.1 cent higher or 3.33% up at 3.1 cents on Oct 4.
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