It looks like the recent sell down of one of AMAL's substantial shareholder - Harbour Asia Opportunity Asia Fund (from 5% to 3.5%, ~s$2.6M, 7/04/2017) was to free carry the 3.5%. Probably a Fund risk mitigation strategy (I think a lot of investors do this too on HC ).
The fund initial took their 5% position on 13/10/2016 at a cost of ~S$2.6M. Which looks like it was a married deal with AMAL's CEO, as on the same day he sold ~6.7% of his holdings.