managing-director-sells-shares-in-malaysias-gamuda

Managing director sells shares in Malaysia's Gamuda

The $100 million deal sees Dato Lin cut his stake to 1.7%, but he shows commitment to the company by agreeing to an 18-month lock-up.
Dato Lin, the managing director of Malaysian infrastructure, construction and civil engineering company Gamuda, last night sold about two-thirds of his shareholding in the firm, raising M$322 million $100 million.

The sale, which will see Lin reduce his stake to about 1.7% from just over 5.2%, came as the share price has eased back slightly from a 52-week high of M$5.75 in early January. Yesterday the stock closed at M$4.98 after falling 3.3%. The share price spiked up from about M$4.94 in the final minutes of trading, however, which was believed to have led to a slightly wider discount than initially planned.

The Credit Suisse-led deal comprised 70 million shares that were offered at...
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