Tuesday, March 30, 2010

IRCB falls after MMC cuts stake


KUALA LUMPUR: Integrated Rubber Corp Bhd's (IRCB) share price is falling on Tuesday, March 30 after MMC Corp Bhd said it had ceased to be a substantial shareholder in the glove maker.

At 4.12pm, IRCB was down 12 sen to RM1.05 with 22.7 million shares done.
The share price had also run up in recent weeks in tandem with the rally in the share price of glove makers.

MMC said on Tuesday its effective stake in IRCB fell below the 5% level after it disposed of the IRCB shares in the open market on Monday.


However, MMC did not state the number of shares disposed nor the pricing.
MMC owned 11.5% stake or 27.219 million shares of IRCB as of March 1.

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