Hua Yang CEO appointed as Magna Prima executive director

Sulhi Azman

13 February, 2017

Updated:almost 9 years ago

Magna Prima Bhd said today it has appointed Ho Wen Yan as its new executive director. Ho, 42, is currently the executive director and chief executive officer of property developer Hua Yang Bhd. (Photo by The Edge)

The appointment comes three weeks after Ho, via Hua Yang’s wholly-owned vehicle Prisma Pelangi Sdn Bhd, bought 36 million shares, equivalent to a 10.84% stake, in Magna Prima via an off-market transaction from two of Magna Prima’s substantial shareholders, Chun Yee Ying and Chun Mei Ngor.

At a price tag of RM1.85 per share, Hua Yang's purchase of the Magna Prima shares was valued at RM66.6 million

Ho, who has a master’s degree in construction economics and management, owned 31.58% of Hua Yang as at Oct 14, 2016. Of this, 0.44% was held directly and the remaining 31.13% indirectly via Heng Holdings Sdn Bhd and various nominee accounts.

Hua Yang had in an earlier filing said that the stake purchase in Magna Prima was part of its objective to invest in strategic landbanks or companies which hold such landbanks located in areas which were easily accessible and surrounded by ready amenities.

Magna Prima, which has projects in Kuala Lumpur and Melbourne, Australia, also counts its group managing director Datuk Wira Rahadian Mahmud Mohammad Khalil as its substantial shareholder.

According to the group’s 2016 annual report, Rahadian, the son of Melaka governor Tun Mohd Khalil Yaakob, owned 21.4 million shares, equivalent to a 6.47% stake, as at April 7, 2016

Magna Prima shares closed unchanged at RM1.63 today, for a market capitalisation of RM540.16 million.

Hua Yang shares, meanwhile, closed one sen or 0.88% higher at RM1.14, valuing it at RM401.28 million. — theedgemarkets.com

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