not vested
Dr Yu’s Hong Leong Cap selldown brings RM72mil in proceeds
BY WONG WEI-SHEN
Yu first emerged as a substantial shareholder in HLCap in February 2013 with a 5.94% stake or 14.672 million shares, essentially preventing founder Tan Sri Quek Leng Chan from taking the company private via his flagship Hong Leong Financial Group Bhd (HLFG) for RM1.71 per share.
Yu continued to accumulate shares in HLCap till it reached 22.191 million shares on March 4, taking his stake to 8.988%.
PETALING JAYA: Datuk Dr Yu Kuan Chon’s recent sell down of shares in Hong Leong Capital Bhd (HLCap) has so far brought him RM72.22mil in proceeds, and reduced his stake in the company to 4.774%.
From Aug 21 till Wednesday, Yu sold 6.04 million HLCap shares in the open market at prices ranging from RM12 to RM13 per share.
StarBiz earlier reported that Yu disposed of 2.57 million shares between Aug 15 and 19, representing 1.04% of his shareholding in the company.
Yu has been paring down his stake ahead of the Aug 31 deadline given by Bursa Malaysia for HLCap to maintain a minimum 25% public shareholding spread requirement.
Should HLCap fail to comply with the requirement, Bursa “may exercise its discretion to impose trading suspension of HLCap shares” and it would give a notice of five market days.
Yu first emerged as a substantial shareholder in HLCap in February 2013 with a 5.94% stake or 14.672 million shares, essentially preventing founder Tan Sri Quek Leng Chan from taking the company private via his flagship Hong Leong Financial Group Bhd (HLFG) for RM1.71 per share.
Yu continued to accumulate shares in HLCap till it reached 22.191 million shares on March 4, taking his stake to 8.988%.
Quek also bought up more HLCap shares to make a case for his bid, but only managed to accumulate up to 200.81 million shares, equating to a 81.33% stake.
HLCap had announced on March 1, 2013 that it shares would be suspended on April 15, 2013 after it failed to meet the 10% free float requirement.
Filings with Bursa Malaysia showed that Yu made his first disposal of 60,000 shares on Feb 26, 2013. He continued to sell down his stake in HLCap to 8.646% as at March 14, 2013.
Source: The Star