Albatronics stakes pledged

Electronics group Albatronics (Far East) said two substantial shareholders had pledged most of their interest in the company to financial institutions as collateral, but none of the shares had been sold on Tuesday. Albatronics made the disclosure after the exchange asked for an explanation of a 77 per cent plunge in its share price on Tuesday which resulted in the counter being suspended until further notice. The company yesterday said chairman Wakaki Kaizo had 7.5 per cent of Albatronics pledged to a financial institution out of a 9.73 per cent stake. Managing director Nakahara Fukumori had used 9.75 per cent of Albatronics as collateral for personal loans out of a 10.87 per cent stake, the company said.