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Thursday, January 16, 2014

Former- largest shareholder exits bio-osmo (Edge)

Perbadanan Nasional Bhd (PNS) has sold its entire stake of 9% in Bio Osmo Bhd and ceased to become a major shareholder in the former.

In a statement to the exchange today, Bio Osmo which manufacturers drinking water, said PNS has sold 41.57 million shares in the firm which has an expanded issued base of 455.36 million shares.

Bio Osmo's expanded issued share base followed the conversion of irredeemable convertible preference shares into ordinary units in the company.

According to Bio Osmo's annual report, PNS was formerly the largest shareholder with a 20.78% stake prior to the expansion of Bio Osmo's share base.

PNS' exit from Bio Osmo comes coincides with the entry of a new major shareholder who may spearhead its diversification.

News reports have indicated that Bio Osmo may be diversifying into the oil and gas industry. The rumour comes amid news that Harzani Azmi who is a board member of Tanjung Offshore Bhd, has emerged as a major shareholder in Bio Osmo.

According to Bio Osmo's statement to the exchange, Harzani owns 100 million shares or 22% in the company

Shares of Bio Osmo have been actively traded. The stock fell 1.5 sen or 7% to 21 sen at 12.30pm. The exchange's fifth most-active stock saw some 39 million shares changed hands.

At the current price, the stock has more than doubled from a six-month low of 10 sen seen on September 3, 2013, Bloomberg data showed.

PNS, owned by the Ministry of Finance Inc, oversees the development of Malaysia's franchise industry.

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