KUALA LUMPUR (Dec 2): CN Asia Corp Bhd has disposed of 54.53 million shares in Zen Tech International Bhd (formerly known as Inix Technologies Holdings Bhd) through the open market.

According to a filing with the exchange, CN Asia disposed of 38.64 million shares on Nov 30, followed by another 15.90 million shares on Dec 1.

This brings CN Asia’s stake in Zen Tech to 54.07 million shares, representing a 6.69% equity interest. 

In a back-of-the-envelope calculation, CN Asia shall cash in RM2.1 million from disposing of the block of shares based on a closing price of 3.5 sen on Nov 30 and four sen on Dec 1, respectively.

To recap, CN Asia subscribed 108.61 million Zen Tech shares under the proposed debt settlement on June 29 this year, giving the group 17.465% interest in the glovemaker and e-commerce specialist at that time.

CN Asia shares closed down 0.5 sen or 1.85% to 26.5 sen on Friday (Dec 2), giving the group a market capitalisation of RM50 million.

Zen Tech also settled 0.5 sen or 14.29% lower at three sen, for a market value of RM24 million.