KUALA LUMPUR (July 29): JcbNext Bhd (KL:JCBNEXT) has trimmed its stake in Taiwan-listed 104 Corp by 3.27% for T$231.61 million (RM29.36 million) via the open market on the Taiwan Stock Exchange, in line with its continued portfolio diversification strategy.
The 1.09 million share disposal trimmed its holding in 104 Corp to 1.41 million shares, equivalent to a 4.25% stake, from 2.497 million shares, or 7.52%, according to a bourse filing on Wednesday.
The block was disposed at the market prices of the respective dates of disposals from April 17 to July 29, ranging from T$204 (RM25.81) per share to T$225.51 (RM29.34) per share, it noted.
A net gain of RM2.52 million is expected from the share disposals, JcbNext said.
The company had invested in the 104 Corp shares between Oct 1, 2007, and Dec 6, 2010, for a total of RM10.71 million, it noted.
“The disposals are in line with the company’s strategy of diversifying its investment portfolio and reducing concentration risk,” JcbNext said.
“Furthermore, the company will be able to utilise the disposal consideration to invest in other opportunities such as other listed equity securities or other private investments that meet the company’s investment objectives, allowing for diversification of its investment portfolio,” it added.
Shares of JcbNext were untraded on Wednesday. The counter was last traded on Tuesday, when it closed at RM1.80, valuing the company at RM235.77 million.