Radium MD’s brother Gan Yu Chai emerges as substantial shareholder

KUALA LUMPUR (July 6): Radium Development Bhd (KL:RADIUM) managing director and major shareholder Gan Kah Siong’s brother, Tan Sri Gan Yu Chai, has emerged as a substantial shareholder of the property developer.

Yu Chai, who is also Southern Score Builders Bhd (KL:SSB8) managing director, acquired 98.25 million shares, equivalent to a 2.833% stake, in Radium on June 22, raising his direct stake in the company to 5.624%, according to a bourse filing on Friday.

His direct stake stood at 2.791% — below the 5% substantial shareholder threshold — before the latest acquisition.

The additional stake was purchased in two blocks — a 97.85 million block of shares via a direct business transaction and 400,000 shares via the open market.

Based on Bloomberg off-market data, the off-market block was acquired at 49.5 sen apiece, or a total RM48.435 million. Based on June 22’s closing price of 50.5 sen, the other 400,000 shares acquired on the open market were valued at RM202,000.

Yu Chai acquired the 97.85 million block of shares from Kah Siong’s vehicle, Cengal 2020 Sdn Bhd. Kah Siong still controls a 37.811% stake — 14.637% direct and 23.173% indirect via Cengal — in Radium.

Kah Siong and Yu Chai’s brothers, Gan Kok Peng and Gan Tiong Kian, are also substantial shareholders of Radium. Kok Peng holds an 8.645% stake and Tiong Kian a 9.749% stake.

Yu Chai is managing director and major shareholder of construction outfit Southern Score. He controls a 42.845% stake in Southern Score, which has bagged a number of related-party contracts from Radium over the years.

Shares of Radium ended half a sen or 0.97% higher at 52 sen on Friday, valuing the company at RM1.79 billion.

Southern Score’s shares closed unchanged at 52 sen, giving it a market capitalisation of RM1.18 billion.

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