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Magma Fincorp denies reports of shareholder's stake sale

Magma FincorpLtd. issued a statement rejecting rumors that one of itscontrolling shareholders is considering a sale of its stake.

The company release followed Oct. 7 news reports that said oneof the two controlling shareholders of Magma Fincorp was planning to sell aminority stake in the company.

The two shareholders hold 27% of the company.