Nanofilm and Chip Eng Seng bosses raise stakes in respective companies

Dr Shi Xu, executive chairman of Nanofilm Technologies International, has increased his stake in the company. On Oct 14, Shi acquired 200,000 shares for $741,580 or $3.70 each. Back in July, Nanofilm had traded at a recent peak of $6.67.

With this transaction, Shi’s total interest in the company increased to just over 356 million shares or 54.09% from 54.06%. His interest comprises a direct stake of nearly 44.5 million shares or 6.75% as well as a deemed stake of nearly 311.6 million shares or 47.34%.

Shi bought the shares on the same day the company gave an interim update in between its 2Q and final-year earnings. Nanofilm, the hottest IPO last year, gave investors a rude shock in August after announcing earnings for 1HFY2021 ended June 30 had dropped by 3.1%, compared to the continuing growth trajectory analysts were expecting.

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