Foreign Investor Sells Stake in STM Wireless

A foreign investment company sold its remaining 6.1% stake in STM Wireless Inc., an Irvine provider of satellite communications networks.

Berjaya Group (Cayman) Ltd. sold 432,106 shares for $6.61 to $8.25 apiece from Jan. 21 to 26, according to a document filed with the Securities and Exchange Commission.

Berjaya, a Kuala Lumpur affiliate of Malaysia’s Berjaya Group Berhad, first invested in STM in 1994 as part of a plan to set up a joint venture between the two companies to provide services and products in Asia. It paid $9.10 to $10 for the shares and held a 17% stake by 1998.

In recent months, Berjaya has pared down its holdings in STM, which provides satellite communications networks. In December, STM was awarded a $5.5-million order from JiTong, a Chinese public data network service provider.

STM stock fell 88 cents a share Wednesday to close at $7.88.