Oh sells in on-market trade; Cumins converts

OH Kim Sun, the director of Subiaco-based financial services provider, CI Resources Ltd, has sold his entire holding of 11.6 million shares in the company, for more than $2.3 million. Mr Oh sold his direct and indirect stake in an on-market trade on January 25 and ceased to be a substantial shareholder, coinciding with recently appointed director Dr Mohamad Hashim Bin Ahmad Tajudin becoming a substantial shareholder in CI Resources. Last November, Mr Oh was elected as chairman and director of Phosphate Resources Ltd, in which CI Resources has a 39 per cent stake, while co-director and chairman of CI Resources, mining executive Mark Caruso, failed to secure a board seat, despite having been appointed to the board in September. Meanwhile, Cash Converters International Ltd managing director Peter Cumins has increased his direct interest in the company by acquiring more than 1.5 million shares at a value of nearly $1.1 million. Mr Cumins told WA Business News the increase in his holding reflected his belief that the company’s current share price did not reflect its long-term profit potential, given its recent acquisitions. In October 2006, Cash Converters acquired personal finance operator Safrock Group, an agent for the company’s franchise stores, and software company Mon-e, which had provided services for the stores’ wage payment system.