KUALA LUMPUR (Jan 18): Datuk Seri Chia Kok Teong has “emerged” as a new substantial shareholder in Vivocom International Holdings Bhd, reported The Edge Malaysia today.
Meanwhile, Ng Boon Sing and Haslinda Abdul Hamid “bowed out” as substantial shareholders after disposing of 1.26 billion shares through Golden Oasis Resources Sdn Bhd.
It was reported that on Jan 3, Datuk Seri Chia Kok Teong acquired 1.31 billion shares in Vivocom (equivalent to 23.04% equity interest) in an off-market transaction. This action made him the largest shareholder in the company.
He was appointed Vivocom CEO, also on Jan 3.
The weekly reported that on Dec 30, Vivocom announced that its 78.6%-owned subsidiary, Vivocom Enterprise Sdn Bhd (VESB), had entered into a joint venture agreement with Handy Goals Development Sdn Bhd (HGDSB) to complete “an ongoing residential development comprising 14 bungalows on a 10,385 sq m parcel in Sungai Besi”.
According to records, HGDSB is 96.8%-owned by Chia while the company is the owner of the land. The joint venture involves Vivocom undertaking “the remaining construction work, in addition to pumping RM20 million into the project”.
The gross development value of the project has been reported “to be at least RM37.5 million”, with “90% of the development works completed with VESB as a subcontractor”.
Vivocom is involved in investment holding, provision of civil engineering and construction, aluminium design and fabrication, and telecommunication engineering and service.
The biggest contributor to the company’s revenue is the construction business, “making up just over 50% of group revenue”, reported the business publication.
Vivocom is also planning to diversify into property development.
Read the full report in this week’s The Edge Malaysia