KUALA LUMPUR (Oct 1): IOI Properties Group Bhd (KL:IOIPG) chief executive officer and major shareholder Datuk Lee Yeow Seng has accumulated RM87.99 million the property developer's shares via the open market.
According to Bursa Malaysia filings, Yeow Seng, 46 increased his direct interest in the company by acquiring 25.14 million shares in four transactions between late August and Sept 29, at an average price of RM3.50 per share.
Following these purchases, his direct stake rose to 3.46% from 3.31%. He also holds an indirect interest of 65.68% through his family’s private investment vehicle, Vertical Capacity Sdn Bhd.
Earlier in the second half of the year, Yeow Seng began by disposing of 1.04 million shares worth about RM4 million in four transactions at an average price of RM3.85 per share, which diluted his direct stake to 3.31% from 3.33%, before accumulating share.
Earlier today, IOI Properties announced that it has agreed to acquire from Yeow Seng Shenton 101 Pte Ltd, which owns Singapore's Shenton House, for a nominal S$1.00. The group plans to redevelop Shenton House into a 35-storey mixed-use landmark featuring 12 floors of Grade-A offices, a 10-storey luxury hotel (165 keys), a retail basement and three carpark levels.
Yeow Seng will receive repayment of shareholder advances amounting to S$217.06 million (RM696.43 million) from the company, which he had injected into Shenton 101, based on the position as at July 31, 2026, with the final repayment sum to be determined upon completion.
Additionally, IOI Properties’ recent approval from Bursa Malaysia Securities paves the way for the listing of IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT) on the Main Market, which will house RM7.58 billion worth of retail, office and hotel assets.
The RM7.58 billion acquisition is to be satisfied through the issuance of 5.5 billion units at 90 sen each, alongside RM2.65 billion in cash to be funded through sukuk issuance. It also plans to pay out at least 90% of its distributable income on a quarterly basis.
Shares of IOI Properties closed six sen or 1.73% lower at RM3.40 on Thursday, valuing the group at RM18.72 billion. The counter has risen 61.9% over the past year.
According to Bloomberg, 10 analysts currently cover the stock, with six ‘buy’ calls and four recommending ‘hold’. Their target prices range from RM2.43 to RM5.20, with an average of RM3.82 — implying an upside of 12.4% from today’s closing price.