Yong Tai sees changes in leadership after new largest shareholder emerges

• According to a series of Bursa Malaysia filings on Wednesday, Yong Tai said Domain Capital had acquired the block of shares off market on Tuesday, but did not disclose the price.

KUALA LUMPUR (May 10): Yong Tai Bhd saw the emergence of its new largest shareholder after Domain Capital Sdn Bhd acquired 90 million shares representing a 23.8% stake in the property developer.

According to a series of Bursa Malaysia filings on Wednesday, Yong Tai said Domain Capital had acquired the block of shares off market on Tuesday, but did not disclose the price.

Shares in the Melaka-based developer closed at 32 sen on Tuesday. According to a back-of-the-envelope calculation, Domain Capital would have paid RM28.8 million for the stake.

Meanwhile, Yong Tai also announced that City Mall Sdn Bhd had ceased to be a shareholder after offloading all of its 20 million shares or 5.29% stake in the company on Monday.

According to another filing, Datuk Leong Sir Ley, who is deemed interested in Domain Capital, was appointed as Yong Tai's new managing director and executive director, effective Tuesday.

Leong, 48, is the founder, chairman-cum-chief executive officer of property outfits Sheng Tai International Ltd in Hong Kong and Sheng Tai International Sdn Bhd (STISB).

Tan Yoong Wei was appointed as Yong Tai’s chief operating officer while See Tai Soon was appointed as the group’s executive director.

Tan is currently a director of STISB while See is a financial and business advisor of his own private companies. 

Separately, Yong Tai said its executive director and chief executive officer (CEO) Datuk Wira Boo Kuang Loon has relinquished his position as CEO of the company. 

Boo is a substantial shareholder of the company, holding a 5.012% stake.

Shares in Yong Tai closed up four sen or 12.31% at 36.5 sen, giving the company a market capitalisation of RM138 million.