StarHub takes 9% stake in mm2 Asia to drive pay TV offerings in Singapore
A man talks on his mobile phone as he walks past a StarHub shop in Singapore

StarHub said its outgoing Chief Executive Tan Tong Hai reduced his stake in the telecoms service provider.

Tan cut his interest in the company to 0.0307 percent from 0.0828 percent earlier via two separate market transactions on Tuesday, StarHub said in a regulatory filing.

The total value of the disposal was at S$2.55 million, with 600,000 shares sold at S$2.84 apiece and another 300,000 shares sold at S$2.83 apiece.

Tan, who joined StarHub in 1999, will step down from his position effective May 1.

Under Tong Hai's leadership, StarHub grew its enterprise business to more than $900 million, transforming the company into more than a consumer and household brand.

Shares in the company rose 1.4 percent to S$2.89 on the Singapore Exchange. The stock has gained 6 percent over an year.