Co-founder Ng Kai Wa sells $1.8 million worth of Creative shares

Creative Technology's shares hit a decade-high on March 5, reaching $9.77 in intraday trade, before closing at $8.75.
Creative Technology's shares hit a decade-high on March 5, reaching $9.77 in intraday trade, before closing at $8.75.PHOTO: EPA-EFE

SINGAPORE - Creative Technology co-founder Ng Kai Wa has disposed of some of his shares in the technology company in the past few days as share prices ran up to levels not seen since 2007, cashing in on $1.8 million in the process.

According to a Singapore Exchange filing on Wednesday (March 7), Mr Ng disposed of 95,650 shares in the company on March 6, receiving $868,799 in this transaction.

On March 5, he disposed of 104,350 shares amounting to $939,150.

That takes his current interest in Creative to a total of 2,148,555 shares, or 3.055 per cent.

Creative Technology's shares hit a decade-high on March 5, reaching $9.77 in intraday trade, before closing at $8.75.

This came after bullish reports about its "3D audio" technology, which is expected to launch mid-2018.

Mr Ng became director of Creative in 2005, and is also chairman and chief executive officer of broadband access IP Telephony supplier InnoMedia.

Creative shares closed at $7.08, $1.22 lower, on Wednesday.