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HRnetGroup discloses 2% stake in London-listed Harvey Nash

MAINBOARD-listed recruitment firm HRnetGroup disclosed on Monday that it owns a 2 per cent stake in Harvey Nash, a professional recruitment and information technology (IT) outsourcing company listed on the London Stock Exchange that has received a takeover offer from entities controlled by asset management firm DBAY Advisors.

As at Aug 7, when the takeover offer was announced, HRnetGroup owned a 2 per cent stake in Harvey Nash, it said. This stake was originally acquired as an investment as part of the group's strategy to opportunistically enter new markets in the human resources space, it said.

The group has since filed a public opening position disclosure in accordance with the UK Takeover Code, which is required if a person owns one per cent or more of any securities of the offeree company at the time of the announcement that commences the offer period.

HRnetGroup shares fell 0.56 per cent on Monday to close at S$0.89.