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Wednesday, June 5, 2013

Vincent Tan raises stake in REDtone (BT)

BERJAYA Group founder Tan Sri Vincent Tan Chee Yioun has raised his stake in ACE Market-listed REDtone International Bhd to 13.86 per cent.

Tan is the second largest shareholder in REDtone after Indah Pusaka Sdn Bhd, which has 32.79 per cent interest in the telecommunications company.

Filings with Bursa Malaysia show that Berjaya Philippines Inc, a unit of Berjaya Sports Toto Bhd, acquired 3.5 million shares via the open market on June 3 2013.

Tan now owns 66.2 million shares in REDtone, which is partnering Huawei, Europe's Media Broadcast GmbH and PwC to bid for the digital terrestrial TV broadcast (DTTB) that will roll out nationwide in 2015.

REDtone, founded in 1996, has been recording positive financial results after being loss-making for the past four years.

For the nine months ended February 28 2013, it achieved a net profit of RM9.91 million on the back of a higher revenue compared to a RM324,000 net loss for the same period last year.

The core business of the company includes the provision of data and broadband solutions to the corporate, small and medium-sized enterprises and government segments as well as the management and building of WiFi networks.

The stock fell 4.5 sen, or 6.21 per cent, yesterday to close at 68 sen.

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