TIME Engineering sells 1.6pc of Time dotCom shares

Time Engineering Bhd, a Malaysian telecommunications services provider, sold 40.3 million shares in its subsidiary Time dotCom Bhd for RM20.8 million, according to an exchange filing late yesterday.

This represents 1.6 per cent of Time dotCOM’s shares, it said, without disclosing when the stock was sold.

Time Engineering last year secured a mandate from its own shareholders to sell up to 726.2 million Time dotCOM shares at no less than 48 sen each, the statement said.

Time Engineering rose to a 10-week high in Kuala Lumpur trading, up 1.2 per cent to 41.5 sen at 9:17 am local time, set for its highest close since April 26. -- Bloomberg