Stock Track | KB Laminates Plummets 5.09% Intraday as Parent Company Announces Share Sale at Discount

Stock Track03-19

KB Laminates (01888) saw its stock price plummet 5.09% during intraday trading following an announcement from its parent company regarding a significant share placement.

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

The company stated that the share placement aims to enhance the trading liquidity of the shares in the market, broaden the shareholder base, stimulate more active trading, and improve the overall market profile of the company. KINGBOARD HLDG has committed not to dispose of any further shares for 90 days following the date of the block trade agreement.

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