KUALA LUMPUR, March 17 (Reuters) - The Sultan of Malaysia’s Johor state has increased his stake in Redtone International Bhd to become the telecommunications firm’s largest shareholder.
Sultan Ibrahim Sultan Iskandar has raised his stake in Redtone to 20 percent from 4.8 percent after converting warrants into stocks and buying shares in the open market, the company said late Monday.
The sultan has been accumulating shares in Redtone for the past one year, said Redtone.
Shares in Redtone rose as much as 8.4 percent in Kuala Lumpur trading early Tuesday, climbing to their highest level since December 2005. (Reporting by Al-Zaquan Amer Hamzah; Editing by Ryan Woo)