Top Glove founder emerges as substantial shareholder of LBS Bina

KUALA LUMPUR (March 24): Tan Sri Dr Lim Wee Chai, founder and executive chairman of Top Glove Corp Bhd, has emerged as a substantial shareholder in LBS Bina Group Bhd after purchasing 103.13 million shares or a 6.81% stake in the property developer.

In a filing with Bursa Malaysia today, LBS Bina said Wee Chai bought the shares via direct business transactions between March 19 and 24 at 32 sen apiece or RM33 million.

Separate filings show that Wee Chai bought the shares in several blocks from LBS Bina's single largest shareholder Gaterich Sdn Bhd — which is also the Lim family's private investment vehicle. Post-disposal, Gaterich has a 35.88% stake.

At the closing today, shares in LBS Bina were up one sen or 2.94% at 35 sen with a market capitalisation of RM530.18 million. Year-to-date, LBS Bina's share price has fallen 30%.

Click here for more property stories.