Chin Hin MD ceases to be substantial shareholder in NCT Alliance after selling 0.62% stake for RM5.8m
This comes after his father and Chin Hin founder, Datuk Seri Chiau Beng Teik, also ceased to be a substantial shareholder in NCT Alliance when he sold a 3.58% stake in the construction and property development company last week.
KUALA LUMPUR (Sept 18): Chin Hin Group Bhd (KL:CHINHIN) managing director Chiau Haw Choon is no longer a substantial shareholder in NCT Alliance Bhd (KL:NCT) after disposing of a 0.62% stake for RM5.8 million.
This comes after his father and Chin Hin founder, Datuk Seri Chiau Beng Teik, also ceased to be a substantial shareholder in NCT Alliance when he sold a 3.58% stake in the construction and property development company last week.
According to a bourse filing on Wednesday, Haw Choon, through the Chiau family’s private vehicle Chin Hin Group Property Bhd, offloaded 10.55 million shares on Sept 13.
A check with Bloomberg showed that two blocks of shares, totalling 10.55 million, were traded on Sept 13 at 55 sen per share, for a total amount of RM5.8 million. This was a 17% premium to the closing price of 47 sen on that day.
Following the disposal, Haw Choon’s stake in NCT Alliance has decreased to 78.18 million shares or 4.62% — falling below the 5% threshold to be considered a substantial shareholder.
Meanwhile, Beng Teik’s shareholding in NCT Alliance now stands at 64.39 million shares or a 3.8% stake.
Both Beng Teik and Haw Choon became substantial shareholders in NCT Alliance after Chin Hin Group Property acquired shares in a private placement in March last year. They subscribed to 75.41 million shares, representing a 5.61% stake, at 32 sen per share.
According to NCT Alliance’s 2023 annual report, Beng Teik once held an 8.19% stake while Haw Choon once held a 10.6% stake, before they began trimming their shareholding in September.
NCT Alliance’s shares closed 1.5 sen or 3.19% higher at 48 sen on Wednesday, valuing the company at RM813.8 million. Year to date, the stock has risen by 47%.
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