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.
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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."
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