A fund called Agate Investments has steadily been dumping its shares of e-commerce player Synagie Corporation. The fund is controlled by David Loh and Han Seng Juan, former star brokers at UOB KayHian where the duo was known as the “A-Team”.

The most recent sale was completed on Nov 11. A total of 7.3 million shares were sold for $1.45 million, or an average of 19.8 cents. With the sale, Agate is left with just below 9.78 million shares, equivalent to 3.2%, down from just over 17.1 million shares, or 5.59%. At below 5%, there is no more obligation for the shareholders to declare any new sales.

Loh and Han’s fund invested in Synagie before its listing back in 2018. According to its IPO prospectus, the duo had acquired 30.37 million shares for over $1.26 million, or 4.16 cents each.

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