KUALA LUMPUR: Taliworks Corp Bhd controlling shareholder Datuk Lim Chee Meng is set to emerge as a substantial shareholder in property developer Thriven Global Bhd, sources familiar with the matter told The Edge Financial Daily.

According to sources, Lim is expected to take up 13% to 15% of the enlarged share capital in Thriven, formerly known as Mulpha Land Bhd. The company completed a private placement exercise last Friday.

The share purchase will make Lim the third-largest shareholder of Taliworks after Teladan Kuasa Sdn Bhd, which is the largest shareholder holding a 27.16% stake, followed by Mulpha International Bhd with a 22.18% stake.

Datuk Fakhri Yassin Mahiaddin, the son of Home Minister Tan Sri Muhyiddin Yassin, is deemed to be the major shareholder through Teladan Kuasa. Fakhri is the executive chairman of Thriven.

“Upon the private placement exercise, Lim will be taking up the placement of new shares at an issue price of 19.5 sen apiece, which is an 11% discount to its closing price of 22 sen last Friday,” said a source.

The issue price of 19.5 sen also represents a discount of 6.8% to the five-day volume weighted average market price of Thriven shares up to March 6, (being the last traded day immediately preceding the price-fixing date) of 20.93 sen.

“[The] Bursa announcement on Lim surfacing as [a] substantial shareholder of Thriven could be made as early as Monday, or anytime this week,” said another source.

Lim is a former deputy executive chairman of Taliworks between March 2010 and May 2011. He is the son of the late Datuk Lim Ah Bak @ Lim Geok Bak, who founded LGB Group in 1978.

Starting out as a construction-based company before the gradual shift to water infrastructure expertise, LGB Group was the company that introduced Malaysia’s first interstate fast-track water transfer scheme about 25 years ago.

Meanwhile, the locally listed Taliworks is a pure play infrastructure company involving four core businesses, namely water treatment, supply and distribution; highway toll concessionaire, operations and maintenance operator; waste management; as well as engineering and construction.

Lim is controlling shareholder of Taliworks with 53.82% stake, of which 49.89% is held through LGB Holdings Sdn Bhd, an investment vehicle of the LGB Group.

It is interesting to note that the headquarters of Thriven is located at Menara LGB in Taman Tun Dr Ismail, Kuala Lumpur.

Thriven, derived from the words “thrive” and “driven”, is linked to Fakhri.

Thriven saw a sudden surge in investor interest following the historic change of government last year. It has a land bank of 162.9 acres (65.92ha) , located in the Klang Valley and Kedah, with a total gross development value (GDV) of RM2.05 billion.

Its largest development is Lumi Tropicana in Petaling Jaya, which has a GDV of RM947 million. Its second-largest development is Taman Desa Aman in Kedah, which has a GDV of RM400 million.