Singapore-based recruitment firm, HRnetGroup announced that it has filed a notification of major holdings in shares representing 14.47% of voting rights in Staffline Group, the UK-based recruitment and training organisation.

HRnetGroup was founded in 1992 by Peter Sim, a former human resources director at Thomson Consumer Electronics and Honeywell.

Following an equity raise relating to 96.8 million new ordinary shares approved at the General Meeting of Staffline on 9 June 2021, the HRnetGroup’s interest was changed from 29.95% to 14.47% of the voting rights of Staffline.

Staffline participated in the open offer and invested in 3,344,874 new ordinary shares at GBP 50 pence per share, at the total cost of £1,672,437.

HRnetGroup said the change does not give rise to any material financial impact on the group.

In its trading update on 24 May 2021, Staffline confirmed that both revenue and underlying operating profit were expected to be ahead of expectations with all three businesses ahead of budget. Revenue for the full year 2020 was £927.6 million, down 12.7% on the year.

Earlier this year HRnetGroup reported revenue for the full year ended 31 December 2020 of SGD 433.0 million (USD 325.5 million), up 2.4% over the year.