KUALA LUMPUR: Tan Sri Chan Ah Chye, who has re-emerged as a substantial shareholder of Talam Transform Bhd since July 24, continues to mop up shares in the property firm.
Yesterday, the founder of Talam Transform bought an additional 56.25 million shares or a 1.33% direct stake via an off-market transaction. However, the transaction price was not known.
According to a filing with Bursa Malaysia, Chan now holds some 366.47 million shares or a 8.68% stake in the company, up from 310.22 million shares or a 7.35% stake last week.
Currently, Chan directly holds some 107.71 million shares or a 2.55% stake, while the remaining 258.76 million shares or 6.13% stake is deemed interest.
Chan is a non-independent and non-executive director of the group.
His youngest son Chan Tet Eu, who was appointed Talam Transform director last Thursday, also has a deemed interest of 8.68% of the property company held through Jejak Progresif Sdn Bhd.
Last Thursday, Jejak Progresif, an investment vehicle of Chan, acquired a block of 230 million shares or a 5.44% stake in Talam Transform from Kumpulan Europlus Bhd (KEuro) at 9.4 sen apiece.
Following KEuro’s recent move to divest its shares in Talam Transform, the shareholdings of Thai tycoon Tan Sri Surin Upatkoon, MWE Holdings Bhd and Pinjaya Sdn Bhd have been pared down to 992.84 million shares or a 23.54% stake as of last Thursday.
Chan’s move to slowly accumulate more shares in Talam Transform now raises questions on whether he wants to gain control again.
Talam Transform shares had been actively traded recently. The buying interest could be due to the value of its massive land bank in the Klang Valley which is estimated to be worth more than RM900 million.
This article first appeared in The Edge Financial Daily, on August 1, 2014.
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