MD Ng Wai Hoe shaves off a third of Siab Holdings stake to 21%

• The identity of the buyer of the shares is not immediately known.

KUALA LUMPUR (May 2): Construction company Siab Holdings Bhd's managing director Ng Wai Hoe has trimmed his stake down by a third to 104.23 million shares representing a 21.29% stake in the company from 154.23 million shares or 31.5% prior.

He had offloaded 50 million shares equivalent to a 10.2% stake via a direct business transaction on April 28 for 13 sen apiece, according to a filing to Bursa Malaysia on Tuesday (May 2).

The identity of the buyer of the shares is not immediately known.

Ng now owns 40.59 million in direct shares or 8.29% in the company from 90.58 million (18.5%); however, he maintained his indirect stake of 63.65 million shares (13%).

According to Siab’s Annual Report 2022, Ng has been the MD of the construction company since Dec 30, 2020.

On April 5, substantial shareholder Datuk Dr Chang Lik Sean disposed of his direct shares of 1.5 million or 0.31%, while maintaining 55.08 million indirect shares (11.2%) in Siab Holdings.

Other substantial shareholders include two executive directors — Lim Mei Hwee with 62.43 million shares or 12.75%, followed by Tan Sok Moi holding 46.52 million shares (9.5%).

On April 19, Siab accepted a settlement arrangement from Yong Tai Bhd after a mutual agreement to terminate two high-rise property projects with a combined outstanding contract value of RM190.48 million.

Siab was the main contractor for the two projects owned by Yong Tai.

At the noon break, Siab’s share price was one sen or 7.69% higher to 14 sen, valuing the company at RM68.55 million.