Friday, September 9, 2011

Hong Yeam Wah exits Tambun Indah

KUALA LUMPUR: Datuk Hong Yeam Wah disposed of his entire stake of 8.98% in Tambun Indah Land Bhd and ceased to be a substantial shareholder of the Penang-based property company.

A filing with Bursa Malaysia showed he disposed of the stake, comprising of 19.85 million shares, on Sept 7, Wednesday in an off-market deal. The price of the shares was not disclosed but it closed at 65 sen.

According to the latest annual report, Hong was the third largest shareholder in the company prior to the disposal of the shares. Siram Permai Sdn Bhd is the largest shareholder with 40.38% or 89.25 million shares while Amal Pintas Sdn Bhd owns 10.39% or 22.95 million shares.

He is also a director of Tah-Wah Sdn Bhd which was involved in the sale of a property development company Premcourt Development Sdn Bhd to Tambun Indah

On Aug 29, Tambun Indah announced it was acquiring Premcourt Development for RM5.5 million which is slated to undertake a project with gross development value (GDV) of RM180 million in Bandar Jelutong on Penang island.

Tambun Indah had signed a share purchase agreement with Messrs. Siram Permai Sdn Bhd and Tah-Wah Sdn Bhd to acquire Premcourt's entire equity of 250,000 shares of RM1 each.

Premcourt's directors are Teh Kiak Seng, Hong and Teh Theng Theng (alternate to Teh Kiak Seng).


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