PETALING JAYA: Censof Holdings Bhd
has disposed 61.51 million shares, or 3.50%, in Dagang Nexchange Bhd (DNeX) for RM4.37mil due to a margin call.
Post-disposal, Censof will have a 9.7% stake in the company, or 171.55 million shares. DNeX closed the day at eight sen. The stock is down 70.3% on a year-to-date basis.
In a filing with Bursa Malaysia, Censof said that the disposal was done via both open and off-market transactions.
The disposal consideration was arrived based on the market price on March 18. The original cost of investment for the 61.51 million DNeX shares was RM12.536mil.
The expected loss on the share disposal is RM16.57mil at the group level and RM8.17mil at the company level. Censof said the gross proceeds of RM4.37mil will be utilised for the partial repayment of a share margin loan principal under MIDF.
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