Thursday, 18 October 2012
CEO Sells Shares In Open Market
We all know that Asia Media is under heavy selling pressure for the past 1-2 weeks. Today it takes a bit of breather, up 8% and looks good for a trend reversal.
However, here comes the news of Amedia's big boss, founder & largest shareholder Wong, disposed 22,633,800 shares (9%) in the open market. And this took place on 16th Oct 2012, which is 2 days ago!
Ricky Wong: A young millionaire
It doesn't seem to be a good news to investors when the CEO of any company dispose so many shares in the open market. CEO is the one who knows the company best. If the company is going strong in the right way, no one would like to simply sell its shares, unless he is in dire need of a sum of money.
If Amedia's shares were sold 2 weeks ago at RM1, then may be it's still understandable. But the shares were sold at 34sen... How will the market react to this news?
Anyway, after the shares disposal, Wong still have 81+million of Amedia's shares.