KUALA LUMPUR (Dec 18): NetX Holdings Bhd has ceased to be a substantial shareholder of MLabs Systems Bhd after disposing of 30 million shares in the latter.

NetX said following the disposal, its shareholding in MLabs is reduced to 3.91% from 7.32% previously.

The disposal of the shares was carried out by its Hong Kong subsidiary, First United Technology Ltd, in the open market on Dec 16, NetX added in a filing with Bursa Malaysia.

The group did not disclose the transaction price, but based on  MLabs’s closing price of eight sen on Dec 16, the block of shares is valued at RM2.4 million.

NetX’s share price closed half a sen or 3.45% higher at 15 sen today, after 6.25 million shares were traded. Its market capitalisation stands at RM125.4 million.

MLabs closed unchanged at eight sen with 12.32 million shares changing hands. Its current market value is RM17.62 million.