KUALA LUMPUR (March 23): Chin Hin Group Property Bhd has emerged as a substantial shareholder of NCT Alliance Bhd, after subscribing to 75.41 million shares in the latter via private placement.
The shares amount to 5.61% of the voting shares in NCT upon completion of the share placement, said Chin Hin Property Group in a Bursa filing on Thursday.
The property developer paid 32 sen per share, which amounts to RM24.13 million, from internally generated funds for its stake in NCT, which is also involved in real estate development and construction activities.
"The issue price of 32 sen per placement share represents a discount of approximately 2.37 sen or 6.90% of the five-day volume weighted average market price of NCT shares up to and including March 20, 2023, being the last market day immediately preceding the price-fixing date of 34.37 sen per NCT share," it said.
According to Chin Hin Property Group, its non-independent and non-executive chairman Datuk Seri Chiau Beng Teik holds a 0.74% stake in NCT, while his son and executive director Haw Choon holds a 1.12% stake. Notably, Beng Teik and Haw Choon are also major shareholders of Chin Hin Property Group with a deemed interest of 59.34%, according to its 2021 annual report.
Meanwhile, Beng Teik's daughter and executive director Shelly owns a 0.37% stake.
At 5pm, NCT Alliance closed unchanged at 38.5 sen apiece, giving it a market capitalisation of RM484.69 million.