Group trims Kader stake

THE consortium led by mainland steel giant Shougang has reduced its stake in Kader Investment from 47.9 per cent to 38.2 per cent by a private placing at an undisclosed price.

This involved the sale of 10.3 million shares to investors not connected with the company or its directors, and if performed at Friday's closing price of $7.10 it would be worth $73 million.

Kader also said it was negotiating to buy a minority interest in an unlisted firm from one of its shareholders.

The consortium is using Essential Assets Corp as its vehicle, and a notice yesterday said Kader had no intention of issuing new shares.