KUALA LUMPUR (Dec 6): CN Asia Corp Bhd has further trimmed its stake in Zen Tech International Bhd (formerly known as INIX Technologies Holdings Bhd) to 1.05% from 6.69% previously.

This came about after the company disposed of 19.02 million Zen Tech shares on Dec 2 and another 26.55 million shares on Dec 5, according to CN Asia's Bursa Malaysia filing.

Following the disposals, CN Asia's shareholding in the glove maker and e-commerce specialist dropped to 8.85 million shares, or a 1.05% stake.

CN Asia said the disposal consideration was based on the market price of 3.5 sen per share at the points of disposal on Dec 2 and Dec 5.

"The original cost of investment for the disposal was RM3,417,990 and the disposal is resulting in a loss of RM1,822,928," it said, adding the proceeds from the disposal will be used for working capital.

CN Asia subscribed to 108.61 million Zen Tech shares under a debt settlement on June 29, giving the company a stake of 17.465% in the glove-making and e-commerce company.

Subsequently, CN Asia disposed of 38.64 million shares on Nov 30, followed by another 15.9 million shares on Dec 1, bringing its stake in Zen Tech to 54.07 million shares or 6.69%.

Shares of CN Asia finished unchanged at 27 sen on Tuesday (Dec 6), valuing the company at RM49.53 million. Zen Tech's share price closed 16.67% or half a sen higher at 3.5 sen, giving the company a market capitalisation of RM28.3 million.