Song Wei Ming, the former executive director of Catalist-listed P5 Capital Holdings has ceased to be a substantial shareholder of the company.

Song resigned from his position on July 29, 2019, following the sale of shares in P5 Capital Holdings to Lim Shao-Lin via a sale and purchase agreement (SPA).

The SPA with Lim was entered into on July 22, 2019.

Song, on Jan 20, disposed 22,878,600 ordinary shares at $852,386.80 via market transaction, according to a filing on Jan 22.

Following the disposal, Song now holds 12.9 million shares amounting to a 2.31% stake in P5 Capital Holdings from 6.42% previously.

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Any shareholder who has a stake of 5% and above in a company is deemed as a substantial shareholder.

Shares in P5 Capital Holdings closed 0.5 cent higher or 13.9% up at 4.1 cents on Jan 22.