KUALA LUMPUR: Multi Sports Holdings Ltd’s largest shareholder Power Wide Holdings Ltd has disposed of another 18.3 million shares today, representing 3.6% of its issued share base of 517.5 million, according to Bloomberg data.
In a filing with Bursa Malaysia, the China-based shoe sole manufacturer announced that the disposal was done at 16.4 sen, via a married deal in the open market last Friday. The counter traded between 16 sen and 17 sen today, and between 15.5 to 25.5 sen in the past 52 weeks.
With the latest disposal, Power Wide’s stake in Multi Sports now stands at 37.12% or 192.1 million shares.
Lin Huozhi, 51, executive chairman of Multi Sports, who has deemed interest in the disposal through Power Wide, has an indirect stake of 37.12% in the company, post-disposal.
Huozhi has been trimming his stake in the company.
Last Thursday (Oct 23), Power Wide had disposed 7.86 million shares in two blocks at 16.1 sen and 16 sen.
Huozhi’s deemed interest of 37.12% today, compared with a 45.1% interest — or Power Wide’s direct 45.1% stake — in Multi Sports as at April 30 this year, based on its latest annual report.
The company also saw some boardroom changes recently.
On Aug 25, Lin Liying, 31, was re-designated from executive director to chief executive officer (CEO), replacing Huozhi. Huozhi remained as executive chairman.
The company also saw the appointment of Ang Wei Chuan, 39, a Malaysian, as independent and non executive director. A filing with the exchange showed that Ang is currently the group treasury manager to InterOil Corp — a public company listed on the New York Stock Exchange.
For the six months ended June 30, 2014, Multi Sports’ net profit dipped marginally 1.3% to RM19.35 million, from RM19.59 million. Revenue however rose 6.4% to RM181.86 million, from RM171 million.
It is worth noting that the company had ventured into the fashion apparels and accessories business in the second half of 2012, foreseeing the competition in the shoe market in China.
Multi Sports closed up 0.5 sen today at 16.5 sen, giving it a market capitalisation of RM82.8 million.