Credit Intelligence boss sells 65m shares to new investors; nets $1.4m
Jimmie Ka Sek Wong, chief of debt restructuring business Credit Intelligence, has sold 65.7 million shares to “two unrelated investors” in order to boost liquidity in the ASX-listed stock.
The off-market trade, made on Friday, netted Mr Wong $1.4 million and reduced his shareholding to 392 million.
He remains the biggest shareholder in Credit Intelligence (ASX:CI1) with a holding of 48 per cent. The company has a market cap of about $15 million.
In a statement to the ASX this morning the Hong Kong-based company told investors “the 9 per cent premium paid by the incoming shareholders demonstrates confidence in the prospects of the company’s business and of its intended expansions plans into Australia and Asia”.
“Mr Wong’s share disposal will increase the company’s available free float, providing greater liquidity to the trading volume of CI1.”
CI1 shares were flat on the news at 1.8c.