Six of the founding shareholders of mining services group Maca have sold down $40 million in shares in the company, reducing their combined stake by nearly 25 per cent.
The share sale took place at twice the value of the stock at IPO 18 months ago.
The group held 60 per cent of Maca but have reduced that down to 46.7 per cent, with the shares going to existing and new institutional investors.
Following the sale, pre-IPO shareholders will have a combined holding of 70 million Maca shares, representing 46.7 per cent of the company.
“There was strong institutional demand for the sale of shares and following the completion of the sale, liquidity will be enhanced with the increase in the company’s free float,” Maca said in a statement.
“The pre-IPO shareholders have notified Maca that they have no intention to sell any further shares for the foreseeable future.”
Maca’s corporate adviser, Hartleys, is facilitating the sale of the shares.
