KUALA LUMPUR: Vastalux Energy Bhd's vice chairman and executive director Mohamad Nor Abdul Rashid has continued to reduce his shareholding in the company.

In the latest announcement on Dec 8, he sold another 13 million shares for 16.5 sen each in the open market on Dec 3.

The previous day on Dec 2, he had also disposed of 13 million shares in the open market.

The latest disposal reduced his total shareholding to 14% or 28.94 million shares.

Vastalux has been under the spotlight after it resubmitted its results.  It reported net losses of RM17.72 million in 3Q ended Sept 30, compared with net profit of RM7.25 million a year ago.

Of concern to investors are the amounts RM163 million owed by customers and trade receivables of RM69.7 million.

Revenue was RM32.13 million which was sharply below its cost of sales of RM51.42 million.