Top Glove's Lim Wee Chai ceases to be substantial shareholder of LBS Bina

KUALA LUMPUR (March 8): Billionaire Tan Sri Dr Lim Wee Chai has ceased to be a substantial shareholder of LBS Bina Group Bhd after disposing of 51.56 million shares in the property group.

The direct business transaction took place on March 4, LBS Bina said in a Bursa Malaysia filing.

Bloomberg data shows that some 51 million shares changed hands at 45 sen, compared with the closing price of 51 sen, on that day.

It is unclear who acquired the shares from the Top Glove Corp Bhd founder and executive chairman.

Lim first emerged as a substantial shareholder of LBS Bina in March 2020 after purchasing 103.13 million shares or a 6.81% stake in the group.

The group's bourse filing at that time indicated that Lim bought the shares via direct business transactions at 32 sen apiece or RM33 million.

Following the disposal on March 4, Lim still has 54.89 million shares in LBS Bina.

LBS' share price closed five sen or 9.8% lower at 46 sen on Monday, giving the group a market value of RM721.85 million.

Edited by S Kanagaraju

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