Censof reduces stake in Dagang Nexchange to 21.3%

PETALING JAYA: Censof Holdings Bhd has disposed of a 7.3% stake in its associate Dagang Nexchange Bhd (DNeX) and its entire 19.6% holding of warrants for RM32.3 million.
In a filing with the stock exchange, Censof said it entered into a share sale agreement with Arcadia Acres Sdn Bhd for the disposal of 123.78 million shares at 25 sen apiece and 136.47 million warrants at 1 sen each.
This has pared Censof's shareholding in DNex to 21.3%.
The stake sale is expected to result in a loss of RM1.2 million for Censof.
Nonetheless, Censof said the disposal would raise funds for it to repay about RM31.8 million of a bridging loan of RM36.2 million, which was taken to part finance its subscription of its entitlement to DNeX's rights issue pursuant to an irrevocable written undertaking.
Some of the rights issue loans are due and payable by the end of this month.