KUALA LUMPUR (Oct 26): Private equity fund Navis Capital Partners Ltd has further reduced its stake in higher education group Seg International Bhd to 65.12%.  

Navis Capital on Wednesday (Oct 26) sold 26 million shares through Pinnacle Heritage Solutions Sdn Bhd, bringing its total shareholding to 797.86 million shares.

This is the third time this year Navis Capital has offloaded shares in the company. 

On Oct 12, it sold 18.6 million shares, reducing its deemed interest to 67.24%. On Sept 21, Navis Capital divested a total of 13.8 million shares. 

For the six months ended June 30, 2022, Seg International’s net profit fell 2.33% to RM20.59 million from RM21.08 million. Revenue increased marginally to RM108.36 million from RM107.55 million a year earlier.

Shares of Seg International closed unchanged at 63 sen on Wednesday, for a market capitalisation of RM797.23 million.

It is currently trading at a price-to-earnings ratio of 16.95 times, with a dividend yield of 6.35%.