Shares of Singapore-listed palm oil firm First Resources (FRLD.SI) fell as much as 8.1% on Thursday after its main shareholder, Eight Capital, sold 75 million shares of the company at $1.48 each, raising $111 million.

At 9:02 a.m., First Resources shares were down 7.5% at $1.49 on a volume of 97.7 million shares.

First Resources also said Citigroup has completed a placement of 15 million treasury shares held by the company.

The selling price was at the bottom of the $1.48 to $1.55 range set by the company, according to a term sheet seen by Reuters on Wednesday, and was 8% lower than its closing price of $1.61.