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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.

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.

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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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