Advance Opportunities Fund 1 ceases to be Impiana Hotels' substantial shareholder

• Advance Opportunities Fund ceased to be a substantial shareholder of Impiana on April 14 after selling 21.26 million shares in the hospitality operator.

KUALA LUMPUR (May 5): Advance Opportunities Fund 1 has ceased to be a substantial shareholder of Impiana Hotels Bhd.

This came after the open-ended fund, established in the Cayman Islands, disposed of 3.13 million shares in Impiana on Wednesday (May 3),  according to a bourse filing on Friday.

On April 19, Advance Opportunities Fund 1 acquired 27.78 million shares or a 5.59% stake in Impiana via the conversion of redeemable convertible notes into shares, according to a previous filing.

Impiana had announced the redeemable convertible notes in June last year to raise up to RM150 million, mainly for repayment of borrowings and working capital, with the notes to be placed to Advance Opportunities Fund and Advance Opportunities Fund 1.

Advance Opportunities Fund ceased to be a substantial shareholder of Impiana on April 14 after selling 21.26 million shares in the hospitality operator.

Impiana was lifted from its PN17 status on April 28, after the company re-assessed its financial condition.

Shares of Impiana settled half a sen or 4.76% lower at 10 sen on Friday, giving the company a market capitalisation of RM47.44 million.