SINGAPORE (Dec 9): Gary Loh, former executive chairman and controlling shareholder of SunMoon Food Co, has been loosening his hold on the company. Loh, via his private-equity firm, First Alverstone Capital, sold 19 million shares for $821,542.50, which works out to an average price of 4.3 cents a share.

The transaction was disclosed in a Nov 29 filing by the company. Loh disposed of the shares through a married deal. The date of the sale and identity of the buyer were not specified. Upon completion of the sale, Loh is left with just over 61.7 million shares, or 7.87% of the company, down from 10.29% previously. Year to date, SunMoon Food shares have gained 35.29% to close at 4.6 cents on Dec 5, valuing the company at $35.8 million.

For years, Loh tried to turn SunMoon Food around. It was previously a fruit producer, growing mainly apples. When Loh assumed control, he focused on distribution instead, although he expanded the product range to other fruits such as avocado. He also sourced fruit from other markets before selling them to the end-markets, including China.

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