New World Development has sold its 18.5 per cent stake in sinking technology flagship New World Cyberbase for HK$49.28 million to supply chain consultants Asia Logistics Technologies.
The price represents seven HK cents per New World Cyberbase share which is a premium of 12.9 per cent on the price before the deal.
The stock fell 3.23 per cent yesterday to six HK cents.
New World Cyberbase shares have plunged more than 98 per cent from their 1999 high of HK$3.70. The company reported an attributable loss of HK$821.28 million on turnover of HK$84.4 million for the year to March.
Before the deal, New World Development was the largest shareholder in New World Cyberbase.
Asia Logistics will settle HK$10 million by issuing 100 million new shares at 10 HK cents each, giving New World Development a 3.14 per cent stake in the firm.