Cabnet reduces stake in Amplogix to 51% after revamp

PETALING JAYA: Cabnet Holdings Bhd has cut its stake in Amplogix Technology Sdn Bhd to a controlling interest of 51% following a restructuring exercise to raise funds for working capital requirements for Amplogix.
The group told the stock exchange that RM2.00 company increased its paid up capital to RM200,000, with 199,998 new ordinary shares issued at RM1.00 a share, in the company which provides information technology facilities.
Following the restructuring, Amplogix saw the entry of two new shareholders, Tan Tian Yee and Chee Choon Lee, who hold 34% and 15% equity interest respectively.
The group is also concurrently looking to allow and attract key partners or employees to participate in the business and ensure that their contributions and talent are retained for the benefit and sustainability of Amplogix.
The stock was untraded today.