KUALA LUMPUR: Goldman Sachs has been selling down its stake in MyEG Services Bhd since mid-September, selling over 11 million shares. Prior to the selldown, Goldman Sachs had been acquiring shares in the country’s dominant government-to-consumer e-services provider for the better part of the year.
The US investment bank built up its stake to 47.204 million shares or 7.86% in September, before aggressively paring it down since Sept 20, when it sold 163,400 shares. A number of sales followed later that month and throughout October.
The latest disclosures show it sold six million shares on Oct 27 and 456,100 on Oct 31, paring its stake down to 36.14 million shares or 6.02%, as at end-October.
That suggests Goldman Sachs had sold 11.06 million shares in a period of just over a month.
It isn’t clear who acquired the shares, and the selldown has not depressed MyEG’s share price.
The stock has traded within a tight range of 59 sen and 65.5 sen in the past month. It ended 0.5 sen higher at 62.5 sen on heavy volume of 6.13 million shares yesterday.
This article appeared in The Edge Financial Daily, November 4, 2011.
The US investment bank built up its stake to 47.204 million shares or 7.86% in September, before aggressively paring it down since Sept 20, when it sold 163,400 shares. A number of sales followed later that month and throughout October.
The latest disclosures show it sold six million shares on Oct 27 and 456,100 on Oct 31, paring its stake down to 36.14 million shares or 6.02%, as at end-October.
That suggests Goldman Sachs had sold 11.06 million shares in a period of just over a month.
It isn’t clear who acquired the shares, and the selldown has not depressed MyEG’s share price.
The stock has traded within a tight range of 59 sen and 65.5 sen in the past month. It ended 0.5 sen higher at 62.5 sen on heavy volume of 6.13 million shares yesterday.
This article appeared in The Edge Financial Daily, November 4, 2011.
