GUOCOLAND DIRECTOR RAISES DEEMED STAKE

GUOCOLAND DIRECTOR RAISES DEEMED STAKE

 

MALAYSIAN property tycoon Quek Leng Chan has raised his deemed stake in his property developer GuocoLand.

 

Mr Quek acquired 592,000 shares on the open market last Monday and Tuesday at $2.197 apiece via GuocoLand Assets.

 

This was followed by a further open market purchase of 278,000 shares through the same holding company last Wednesday and Thursday at $2.202 apiece. The total outlay amounted to about $1.9 million.

 

The announcements were made to the Singapore Exchange last Wednesday and Friday respectively.

 

Mr Quek’s purchases raised his deemed stake to 570.018 million shares, or 64.23 per cent of issued share capital.

 

He also has a direct stake of 20.063 million shares, or 2.26 per cent of issued share capital.

 

GuocoLand shares climbed one cent, or 0.46 per cent, to $2.19 yesterday. It has lost over 60 per cent of its value so far this year, on the back of a cooling property market in Singapore and across the region.

 

GuocoLand, which also has projects in China, Malaysia and Vietnam, reported a 93 per cent drop in its most recent quarterly earnings to $2.6 million, compared with $34.4 million a year earlier.

 

Last Friday, Mr Quek also raised his deemed stake in GuocoLeisure, the investment company in which he is the executive chairman.

 

He bought 370,000 shares at 78 cents apiece through Sharington Management. This raised his deemed stake to 839.71 million shares, or 61.38 per cent of issued share capital.

 

Mr Quek also has a direct stake of 150,000 shares, or 0.01 per cent, in GuocoLeisure. The company, formerly known as BIL International, is a unit of Hong Kong-listed Guoco Group and focuses on investments in hotels and resorts development.

 

Source: Straits Times

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