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

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.

"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."