Two non-executive directors of engineering services firm Kentz are to substantially reduce their shareholdings in the firm.
Kerbet, a company which represents the holdings of Tan Sri Mohd Razali Abdul Rahman and Hassan Abas, both of whom are non-executive directors of Kentz, intends to sell 12m Kentz share via a secondary placing. Tan Sri Mohd Razali Abdul Rahman is Chairman of Kentz.
The shares being placed represent 10.31% of the current issued ordinary share capital of Kentz. The placing price of the shares will be determined at the close of the book-building process.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Kerbet, which will continue to hold 16.22% of Kentz following the disposal, has agreed not to sell any more shares in the company for at least six months.
Commenting on the placing, Tan Sri Mohd Razali Abdul Rahman said: "Kerbet has had a long-standing investment in Kentz, which has been in place for more than 18 years and we are delighted with the way the management team of Kentz has developed the business. The proposed sale is aimed at achieving greater portfolio diversification but Kerbet remains a firm supporter of the company with a material stake in it and I am looking forward to continuing in my role as Chairman."
JH
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
