Following the transaction, Wong’s stake has been reduced to 8.3% from 25.08% previously. Accordingly, he has ceased to be a controlling shareholder of the company. Wong will, however, remain its managing director.
Dr Wong Kar King, the managing director and controlling shareholder of Advanced Holdings has sold 17 million shares via an off-market transaction to Asia Agri Renewable Fund.
The shares represented 16.78% of the company’s entire share capital based on the total number of 101.27 million shares in issue.
