One Media (HKG:0426) said it sold 12 million shares of Most Kwai Chung (HKG:1716) in the open market for about HK$18.8 million, according to a March 13 Hong Kong bourse filing.
Shares of the magazine publisher were up more than 1% in Monday afternoon trade.
The shares were sold at an average price of about HK$1.567 each. Following the disposal, the group no longer holds any shares in Most Kwai Chung.
The company expects to record a fair value gain of about HK$12.1 million from the sale, with the net proceeds to be used for general working capital.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.