Miyoshi Precision sells entire stake in Giken Sakata (S) at 5.4 cents a share

Miyoshi Precision sold on March 11 its entire stake in Giken Sakata (S) comprising 69.9 million shares in a married deal at 5.4 cents apiece.

The disposal was approved by shareholders at an extraordinary general meeting on March 7.

The price was based on the volume weighted average price of 5.96 cents for trades done for the five business days immediately prior to the sale.

It was a steep discount to the closing price of 9.2 cents today after the shares shot up by 41.5 per cent.

Miyoshi said the cash proceeds of some $3.8 million for general working capital purposes or other business opportunities.

The disposal will result in the company recording a gain of $698,000.