One Media (HKG:0426) said it sold 12 million shares of Most Kwai Chung (HKG:1716) in the open market for about HK$18.8 million, according to a March 13 Hong Kong bourse filing.

Shares of the magazine publisher were up more than 1% in Monday afternoon trade.

The shares were sold at an average price of about HK$1.567 each. Following the disposal, the group no longer holds any shares in Most Kwai Chung.

The company expects to record a fair value gain of about HK$12.1 million from the sale, with the net proceeds to be used for general working capital.