Melvin Ang, executive chairman of mm2 Asia, has seen his stake in the company reduced by 50 million shares this past week to around 856 million shares, equivalent to 13.1%.
This reduction came after forced selling by CGS International of shares held with the broker over three days, "triggered by a decline in the margin maintenance ratio below the required threshold."
On Sept 18, 22 million shares were forced sold; the following day, another 10 million shares were sold.
Shares were sold at 0.2 cents each on both days.
Earlier, on Sept 15, CGS International sold 18 million of Ang's shares at 0.3 cents each.
On Sept 2, 9 million shares were sold at 0.3 cents as well.
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Just the day earlier, mm2 Asia, which operates multiple entertainment and related businesses, announced it is winding up its cinema subsidiary Cathay Cineplexes.
According to mm2 Asia's Sept 19 filing, Ang held 214.8 million shares under CGS-CIMB Securities (Singapore), and another 623,85 million shares with UOB Kay Hian under an entity called Lionsgate Alpha wholly-owned by him.
mm2 Asia shares, which closed at 0.2 cents on Sept 19, was down 80% year to date, valuing the company at just over $5.2 million.
