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Pacific Radiance chairman had pared stake in Swiber before the debacle started

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Pacific Radiance executive chairman Pang Yoke Min, who owns a substantial stake in beleaguered Swiber Holdings, had from July 12 to 25 disposed of more than three million Swiber shares for S$476,477.59.

PACIFIC Radiance executive chairman Pang Yoke Min, who owns a substantial stake in beleaguered Swiber Holdings, had from July 12 to 25 disposed of more than three million Swiber shares for S$476,477.59.

This was according to a filing to Singapore Exchange (SGX) late on Wednesday night, in response to queries by SGX.

The disposal price comes down to about S$0.156 per share. It also occurred before Swiber on July 28 applied to the courts to be wound up. Swiber's last trading price was S$0.109 on July 27.

In the latest disclosure, Mr Pang said: "I did not report the sale of 3,059,500 Swiber shares as I was advised by my financial adviser that only one percentage change in shareholding required reporting.

sentifi.com

Market voices on:

"I owned 47,271,010 shares (representing 10.27 per cent of the issued share capital in Swiber) prior to the sale of 3,059,500 shares from 12-25 July 2016.

"Subsequent to the sale, I own 44,211,510 shares (representing 9.6 per cent). The amount sold represents 0.67 per cent of the total shares, ie less than the 1 per cent threshold."

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