Mondrian Investment Partners is no longer a substantial shareholder of the supermarket chain operator Sheng Siong Group. On May 5, the London-based asset manager sold just over 2.53 million shares on the open market for $3.97 million, or an average of $1.57 per share. With that, Mondrian is left with around 72.93 million shares, or 4.85%, down from 5.02% previously although it remains the second-largest shareholder.

Back in May 2018, Mondrian acquired a 6.58% stake, or 99 million shares, from the controlling Lim family for $99.99 million, which works out to $1.01 each.

Mondrian has been gradually paring its stake. As indicated in a regulatory filing dated Oct 30, Mondrian sold 885,100 Sheng Siong shares on the open market, collecting proceeds of just over $1.45 million. This works out to an average selling price of $1.63 per share. The Lim family, with nearly 50% stake, remains the controlling and largest shareholders of the company.

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