Kentz Corporation's shares slipped heavily after the specialist resource engineer announced that a principal shareholder – Kerbet Ltd – has sold a 12.89 per cent in Kentz through a secondary placing at 430p a share. Kerbet says the move was undertaken to diversify its portfolio.
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Kerbet represents the combined holdings of Kentz’s chairman, Tan Sri Mohd Razali Abdul Rahman, and non-executive director, Hassan Abas. Moreover, the scale of the disposal was increased, from an originally planned 10.31 per cent stake, after strong institutional demand. Kerbet, however, says it won't sell of any its remaining 13.64 per cent stake for at least six months.
