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Chilean investment firm builds stake in Sarine Technologies

Michelle Teo
Michelle Teo2/12/2018 08:00 AM GMT+08  • 4 min read
Chilean investment firm builds stake in Sarine Technologies
SINGAPORE (Feb 12): Investment firm Axxion has emerged as the single-largest shareholder of diamond tool maker Sarine Technologies, following a series of open-market purchases over the past few months. Shares in Sarine recently traded at their lowest leve
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SINGAPORE (Feb 12): Investment firm Axxion has emerged as the single-largest shareholder of diamond tool maker Sarine Technologies, following a series of open-market purchases over the past few months. Shares in Sarine recently traded at their lowest levels in a year.

On Jan 23, Axxion scooped up 1.68 million shares for $1.93 million, or $1.15 each, raising its stake in the company to 9.2%, from 8.7% previously. Axxion first bought a substantial stake in Sarine last year, when it picked up 23.3 million shares on Nov 30. The transaction, worth $22.6 million, bumped up its stake from 0.1% to 6.8%.

Sarine’s next largest shareholders are its former non-executive directors Ehud Harel and Hanoh Stark, who hold 7.3% and 7% stakes, respectively.

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