The share capital of Moncler has changed slightly. Venezio Investments, the investment vehicle controlled by Tamasek, the state investment fund of Singapore, has sold half of its stake of 22.68 percent in Ruffini Partecipazioni (RH) to Remo Ruffini, the chief executive of Moncler, in exchange for a direct 2.88 percent stake in Moncler and a cash payment of €65,619. As a result of the transaction, RH has reduced its equity in Moncler from 25.3 to 22.4 percent, while remaining its largest single shareholder, and Ruffini Participazioni Holding (RPH), a holding company entirely owned by Ruffini, has raised its stake in RH to 87.21 percent. Besides owning RPH, Ruffini now holds directly only 0.06 percent of Moncler's shares, down from nearly 3 percent before. Venezio has agreed to sell a certain number of shares in Moncler within the next 12 months in order to prevent the aggregate participation held by Ruffini, RH and Venezio from exceeding the threshold of 25 percent. They are linked by a shareholding agreement, and crossing the threshold would trigger a mandatory tender offer for all the other shares in Moncler, according to Italian stock market regulations.