KUALA LUMPUR (June 30): Sanichi Technology Bhd has ceased to be a substantial shareholder in Fitters Diversified Bhd after disposing of its entire 6.7% stake in the company.

In a bourse filing on Friday (June 30), Fitters said Sanichi sold the stake comprising 156.92 million shares on the open market on Tuesday.

Fitters shares were traded between 3.5 sen and 4.5 sen on Tuesday, with its trading volume rising to 241.86 million shares.

Sanichi acquired the 156.92 million Fitters shares on April 17 by subscribing to rights shares and excess rights shares at 6.5 sen per share, according to an earlier announcement by Fitters.

Fitters had completed the issuance of 1.73 billion rights shares, together with 1.16 billion free warrants on April 17.

According to Bloomberg, Sanichi’s largest shareholder is its founder and group managing director Datuk Seri Dr Jacky Pang Chow Huat with a 6.92% stake. Pang is also the second largest shareholder in Fitters with a 8.12% stake.

Cita Realiti Sdn Bhd is Fitters’ largest shareholder with a 8.69% stake, and Sanichi’s second largest shareholder with a 3.97% stake.

On Friday, shares of Fitters closed unchanged at four sen, bringing the company a market capitalisation of RM99.33 million. The counter has been trading between four sen and 4.5 sen since May 19.

Sanichi also closed unchanged at two sen, valuing the company at RM28.06 million. Its share price has been trading between 1.5 sen and two sen since March 10.