KUALA LUMPUR (April 22): SC Estate Builder Bhd (KL:SCBUILD) executive chairman Loh Boon Ginn has upped his stake in the building material trader with a 3.76% stake purchase.

Loh, who is also managing director cum CEO, acquired 200 million shares, equivalent to a 3.76% stake, from Datuk Cheng Lai Hock’s vehicle Takzim Empayar Sdn Bhd last Friday (April 17) via a direct business transaction, according to a bourse filing on Wednesday (April 22).

The purchase increased Loh’s stake to 8.591%, while Cheng’s is expected to fall to 2.971% from 6.731% — as the latter ceased to be a substantial shareholder.

A filing confirming Cheng’s cessation as a substantial shareholder is yet to be issued at the time of writing.

The consideration for the block was not disclosed in the filing.

However, Bloomberg’s off-market data showed a 200-million-share-block was transacted at half a sen apiece, or RM1 million in total, on April 17.

The half-a-sen price tag was a 50% discount to the stock’s closing price of one sen on April 17.

Besides Loh, SC Estate Builders’ substantial shareholders comprise Tan Chai Leng with 19.05%, Fortune Frontline Sdn Bhd with 18.798%, Chuan Ai May with 12.241% and Castle Prosperity Sdn Bhd with 12.219%.

According to Companies Commission Malaysia (SSM) records, Fortune Frontline is owned by Chong Kee Chu, while Castle Prosperity Sdn Bhd is owned by Koay Seok Khim.

Shares in SC Estate Builder were untraded on Wednesday. Shares last changed hands on Tuesday, when it closed at one sen per share, valuing the company at RM53.2 million.