Stock Track | KINGBOARD HLDG Plummets 5.26% Intraday on Stake Sale Announcement

Stock Track03-19

KINGBOARD HLDG's stock plummeted 5.26% during intraday trading following the company's announcement of a stake sale in its subsidiary.

The decline came after KINGBOARD HLDG revealed plans to place up to 130 million shares of KB LAMINATES at an approximate discount of 8.7%, representing about 4.15% of KB LAMINATES' total issued share capital. Upon completion, KINGBOARD HLDG's stake in KB LAMINATES will decrease from 71.10% to 66.95%, though the latter will remain a subsidiary.

The company stated that the share placement aims to enhance trading liquidity, broaden the shareholder base, and improve the overall market profile of the company.

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