Investment Group Cuts Stake in STM

An affiliate of Malaysia’s Berjaya Group Berhad cut its stake in Irvine-based STM Wireless Inc. to 11.5% from 16.7% of the shares of common stock, the second major investor to disclose recently that it sold part of its STM holdings.

Berjaya Group (Cayman) Ltd. sold 411,700 shares at $6.42 to $7.57 each from Dec. 9 through Wednesday, according to a report filed with the Securities and Exchange Commission. The Berjaya subsidiary now holds 813,094 shares. A document filed earlier in the week disclosed that Connecticut investment group Pequot Capital Management Inc. lowered its stake in STM Wireless Inc. to 8.1% from 11%. Pequot didn’t say when the shares were sold or how much it received from the sale. STM provides satellite communications networks.