KUALA LUMPUR (Jan 27): Property developer Symphony Life Bhd (KL:SYMLIFE) has emerged as the largest shareholder of Vizione Holdings Bhd (KL:VIZIONE) with a 25.88% stake, after subscribing to the entire private placement by Vizione.

Symphony Life's wholly owned unit Symphony Life Capital subscribed to the entire 143 million shares offered under Vizione’s private placement for RM12.05 million or 8.43 sen apiece, according to Symphony Life in a bourse filing on Monday.

Vizione is also in the construction and property development sector.

In a separate filing, Vizione announced the completion of the listing of the placement shares.

Based on the enlarged share base of 552.53 million shares following the completion of the private placement exercise, Vizione's substantial shareholder hospital bed maker LKL International Bhd (KL:LKL) would have a stake of 9.05%, followed by Woo Swee Lian, Woo Yi Ming and Woo Yi Xuan, who would collectively control 6.13% of the company.

The private placement exercise was announced back in March last year.

Proceeds from the exercise were earmarked to fund Vizione's RM490 million construction job awarded by Hardie Development Sdn Bhd and a RM524.61 million affordable apartment development in Putrajaya.

Shares in Symphony Life ended unchanged at 23 sen on Monday, valuing the company at RM164.78 million.

Meanwhile, Vizione shares closed one sen or 10% higher at 11 sen, giving the company a market capitalisation of RM45.05 million. Over the last one year, Vizione has fallen almost 61% to 11 sen from 28 sen. 

For the first quarter ended Aug 31, 2024, Vizione posted RM218,000 in net profit, on the back of RM89.05 million in revenue, compared with a net profit of RM120,000 and revenue of RM72.73 million a year earlier. Its net asset per share stood at 27.78 sen as of Aug 31, 2024. 

In November last year, Vizione quit as the main contractor for the development of a 14-storey hotel in Langkawi worth RM116 million led by Inspirasi Langkawi Sdn Bhd, claiming it had not been properly paid for its works so far.

In May last year, the group secured construction works worth RM750 million on a mixed development in Gombak, Selangor, from Fields Of Forest Sdn Bhd (FOFSB), a company partially owned by its directors.

Vizione managing director Datuk Ng Aun Hooi owns 50.64% of FOFSB, and executive director Bee Jian Ming another 5.28%.