This article first appeared in The Edge Financial Daily on December 29, 2017 - January 4, 2018

KUALA LUMPUR: Penang property magnate Tan Sri Ooi Kee Liang has emerged as the third-largest shareholder of steelmaker Tatt Giap Group Bhd after acquiring a 7.62% stake from its founder and executive chairman Datuk Siah Kok Poay.

Ooi, who is the executive chairman of Ideal Property Development Sdn Bhd, on Dec 26 purchased 13 million shares for a total of RM1.58 million, or 12 sen per share, from Giapxin Sdn Bhd. This brings his total shareholding in Tatt Giap to 21.4 million shares or a 12.54% stake.

The trade effectively reduced Kok Poay's total stake in the company to 13.19% held via Giapxin, which is controlled by his son Siah Lee Beng.

It also resulted in Arich Holdings Inc becoming the group's largest shareholder with a 15.28% stake, unchanged since April this year.

The price of the shares traded represented a two sen or 14.29% discount to Tatt Giap's closing price of 14 sen that day.

On the same day, another 8.36 million shares or 4.9% stake had been crossed off market, also at 12 sen per share. It is still unknown who had engaged in the trade.

Ooi, who has over 18 years' experience in the property development and construction industry, is also executive chairman of heavy machinery group Ideal United Bintang International Bhd.