SINGAPORE (April 5): ISR Capital' s third largest shareholder Ooi Wooi Jing has ceased to be a substantial shareholder following yet another round of selling at an ever lower price level.

On April 3, Ooi sold 45 million shares at an average of 0.644 cents per share, which brings down his stake in the company to 4.67%. He is left with 96.5 million shares.

Most recently, on March 31, Ooi sold 28.5 million shares in the open market at an average price of 0.7 cents.

This comes after an earlier sale of more than 5.4 million shares at average of 0.825 cents on March 24.

Ooi' s sale come at a time when Value Capital Asset Management, which has an on-going $35 million convertible bond programme, is on its way converting the second of the seven tranches of shares.

At the conversion price of 0.4 cent each, each $1 million means an additional 250 million new ISR shares will be issued.

The company' s share base is now more than 2.06 billion.

On April 5, ISR closed unchanged at 0.6 cent, down more than 95% from the pre-suspension price of 12.7 cents.