Pioneer cuts stake in SLI Systems

Wellington: Private investment firm Pioneer Capital has quit its 9.8% holding in SLI Systems after a decadelong stake in the ecommerce software developer.

The Aucklandbased investment firm, which held the stake with the government’s New Zealand Venture Investment Fund, sold five million shares for $1.25 million, or 25c a share, in an offmarket trade on February 27, according to a notice to the stock exchange.

That followed a series of onmarket sales since June last year, which have cut Pioneer’s stake in the software firm to 0.7% from 9.8%. — BusinessDesk