KUALA LUMPUR (Oct 9): LBS Bina Group Bhd managing director Datuk Lim Hock San said today (Tuesday) that his family wants to increase its stake in the company by buying more shares from the open market because the shares at current prices are undervalued.
The Lim family, headed by Hock San, has been actively accumulating LBS shares from the open market since August, according to filings with Bursa Malaysia.
The Lim family, who started the property company, holds a controlling stake in LBS.
In response to a question from theedgemalaysia.com after an official function of the company today, Lim said: "We intend to increase our stake in the company as we think the company is undervalued."
"We (the management) intend to pay out more dividends to shareholders — so as shareholders, we (the Lim family) can get more dividends," he added.
At noon close, LBS share price ended flat at 89.5 sen on trades of 186,600 shares after rising to 90 sen in earlier trades.
Its net tangible asset per share was RM1.14 as at end-June 2012, according to the company's latest results filing.
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