MTY Group founder Stanley Ma sold $29.5 million in the Quebec restaurant operator last week.
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Mr. Ma sold 450,000 shares at a price of $63.47 each on Friday for proceeds of nearly $28.6 million, the company said in a statement Monday.
The entrepreneur also donated 15,000 shares worth just over $950,000 to the Philantra Foundation.
Still the largest shareholder
As a result, Stanley Ma’s stake in MTY fell from 14.91% to 13.01%. He remains the largest shareholder in the company, whose shares are listed on the Toronto Stock Exchange.
In May, Mr. Ma sold $20 million worth of MTY shares.
The 76-year-old entrepreneur is still the company’s CEO.
MTY brings together several restaurant chains including Mikes, Thaï Express, Bâton Rouge, Madisons, Ben & Florentine and Café Dépôt.
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