KUALA LUMPUR (Nov 11): Datuk Soo Sze Ching has emerged as the second largest shareholder of construction company Vestland Bhd (KL:VLB) after acquiring a 29.83% stake in the ACE Market-listed construction company last week.

According to Vestland's bourse filing on Monday, Soo acquired the stake, comprising 281.4 million shares, via his private vehicle Noble Pinnacle (Holding) Sdn Bhd on Nov 7.

The company did not disclose the purchase price. But based on Vestland’s closing price of 53 sen on Nov 7, Soo would have paid RM149.14 million for the stake.
 
On the same day, Vestland's largest shareholder cum group managing director Datuk Liew Foo Heen offloaded 224.68 million shares while its executive director Wong Sai Kit disposed of 56.72 million shares in the company.

The combined 281.4 million shares were sold off-market at 34 sen per share, the group notified the bourse on Nov 8.
 
Post-disposal, Liew is left with 338.12 million shares or a 35.81% stake in the company, while Wong is left with 48.81 million share or a 5.17% stake.  

On Monday, Vestland’s share price closed up four sen or 7.1% to a record high of 60 sen, bringing the company a market capitalisation of RM567 million. Compared to its initial public offering price of 33 sen on Jan 31, 2023, the stock has rallied 82%.