Manufacturer and trader of electronic components Omnitech Holdings Ltd
(ASX:OHL) says one of its substantial shareholders, Hai Yang Investment, has sold over 38 million shares in the company to an independent third party.
Omnitech says Hai Yang has also assigned a loan owned to Omnitech of around $7.9 million to the third party as well.
The sale represents the entire shareholding held by Hai Yang Investment in Omnitech.
Omnitech says upon completion of the sale, Hai Yang will cease to have any interest in Omnitech.
Omnitech Holdings posted a profit for calendar 2008.
