Warisan Jutamas pares down stake in REDtone

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KUALA LUMPUR: Warisan Jutamas Sdn Bhd has ceased to be a substantial shareholder in REDtone International Bhd after it has disposed of 20.4 million shares or 3.94% through an off-market married deal on Dec 11, according to the filing with Bursa Malaysia. 

Following the lates share sale, Warisan Jutamas is left with 17.4 million shares or a 3.35% interest in REDtone. 

According to REDtone's 2014 annual report, as at Oct 9, Warisan Jutamas held a 7.35% stake or 37.8 million shares.

By virtue of their interest in Warisan Jutamas, Mohamed Shah Kadir and Abdul Karim Abdul Kadir have also ceased to be substantial shareholders in the ACE Market listed company. 

However, the price of the transaction and the buyer of the shares were not disclosed. 

On the same trasaction day, Dec 11, Berjaya Corp Bhd (BCorp) announced that bought more shares in the small-cap telecommunications services provider raising its stake to 20.05% from 12.39% at 70 sen each. 

The diversified group also bought more irredeemable convertible unsecured loan stocks (Iculs) and warrants in REDtone. With its purchase, BCorp will control 62.93% of REDtone's Iculs, plus 13.57% of its warrants.
 
REDtone share price dropped 1.5 sen at 70 sen, giving it a market capitalisation of RM349.74 million. BCorp ended three sen lower at 39.5 sen, with a market cap of RM1.64 billion.