KUALA LUMPUR (Sept 24): Cast acrylic manufacturer Asia Poly Holdings Bhd (KL:ASIAPLY) has ceased to become a substantial shareholder in Dolphin International Bhd (KL:DOLPHIN).

On Sept 23, Asia Poly offloaded 10 million shares in Dolphin International — which is involved in palm oil mill manufacturing — via an off-market transaction, according to Dolphin International’s filing with the stock exchange.

Based on back-of-the-envelope calculations, the shares represent a 7.47% stake in Dolphin International, trimming Asia Poly’s shareholding in Dolphin to 4.09 million shares or 3.05%.

While the transaction price was not disclosed, the block of shares is valued at RM1.75 million, based on Dolphin International’s closing price of 17.5 sen on Sept 23.

Asia Poly first emerged as a substantial shareholder in Dolphin International in Jan 2020 with an 11% stake.

Shares of Dolphin International closed unchanged at 17.5 sen on Tuesday, bringing the group a market capitalisation of RM23 million.

Meanwhile, Asia Poly’s shares price settled unchanged at seven sen, bringing the group a market capitalisation of RM67 million.