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mm2 Asia's Melvin Ang sees stake cut after forced share sales
His shareholding fell by 50 million shares.
Melvin Ang, founder of mm2 Asia, saw his stake in the company fall by 50 million shares last week to 856 million shares, or 13.1%, after forced sales triggered by margin calls.
Broker CGS International sold 22 million shares on Sept 18 and another 10 million shares on Sept 19, both at 0.2 cents each, after Ang’s margin account fell below required levels.
Ang is deemed interested in 231.8 million shares held under CGS-CIMB Securities and 623.85 million shares under UOB Kay Hian, including 201.06 million shares owned through Lionsgate Alpha Ltd., his wholly owned company.
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