Businessman Koh Kin Lip sells shares in SCH, ceases to be substantial shareholder

TheEdge Tue, Jul 24, 2018 05:44pm - 5 years View Original


KUALA LUMPUR (July 24): Low-profile businessman Tan Sri Richard Koh Kin Lip, Chow Dai Ying and SCH Group Bhd's directors Koh Chen Foong and Liew Fook Meng have ceased to be substantial shareholders of the quarry-based products and machinery group following the disposal of 68 million shares or a 13.19% stake for RM11.56 million or 17 sen per share yesterday.

Chen Foong is the son of Kin Lip. Liew, meanwhile, is an executive director of Cocoaland Holdings Bhd.

In a filing with Bursa Malaysia today, SCH said the disposal of shares were made through their private investment vehicle Thianjing Holdings Sdn Bhd via off market transaction.

This leaves Thianjing Holdings with a 0.03% stake in the group following the disposal.

A separate filing revealed that Hextar Holdings Sdn Bhd bought the block of shares from Thianjing Holdings yesterday. On the same day, Hextar bought an additional 53,300 shares in the open market.

Hextar first surfaced as a substantial shareholder in SCH on July 16, after it acquired 60 million shares or a 12.7% stake pursuant to a private placement for RM11.1 million or 18.5 sen per share.

With the latest acquisitions, Hextar now holds a 24.84% stake in SCH.

Hextar is controlled by Datuk Ong Soon Ho and his son Datuk Eddie Ong Choo Meng, who are also directors of public-listed Halex Holdings Bhd.

SCH shares closed unchanged at 16.5 sen today, with 5.46 million shares done, bringing it a market capitalisation of RM77.96 million.

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