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Chile's Axxion now largest shareholder of Sarine after S$30m of open-market buying

CHILEAN investment firm Axxion SA has become the largest shareholder of diamond specialist Sarine Technologies through a series of open-market purchases over the past two months.

Axxion's latest purchase came on Jan 23, when it bought 1.68 million shares for S$1.93 million, or S$1.15 apiece, to raise its stake to 9.18 per cent from 8.7 per cent.

Sarine last traded at S$1.10 on Tuesday.

On Dec 6, 2017, Axxion also bought 5.75 million shares for S$5.47 million, or S$0.95 per share, to raise its stake from 6.77 per cent.

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Axxion first emerged as a substantial shareholder, which is defined as a holder of at least a 5 per cent interest in the company, on Nov 30, when it bought 23.3 million shares on the open market for S$22.6 million. It had previously held just a 0.14 per cent stake in Sarine.

Those purchases came shortly after Mondrian Investment Partners, which had been Sarine's previous largest single shareholder, sold its entire holdings of 29.3 million shares on the open market for S$28.4 million on Nov 30.

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