The transaction by AVS gave Mun a deemed stake of 542.7 million Aztech shares, equivalent to 70.3%, up from 70.24% before the purchase. The last time AVS bought from the open market was on Sept 21, 2021, when 277,600 shares were acquired for $285,928 or $1.03 each.
Michael Mun Hong Yew, chairman and CEO of Aztech Global, saw his stake in the company rise after the share price dropped following the company’s 1QFY2023 earnings ended March on May 4.
On May 16, AVS Investments, an investment vehicle Mun controls, acquired 500,000 shares on the open market at $350,000 or 70 cents each. Before the earnings announcement, Aztech shares were trading at around 82 cents.
