Boon Koon's share price up after director raises stake

Boon Koon's share price up after director raises stake
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KUALA LUMPUR (July 18): Shares in Boon Koon Group Bhd climbed eight sen or 17.58% to 54 sen in afternoon trading after its non-executive director Datuk Seri Chiau Beng Tiek increased his stake in the group by 12 million shares or 4.34%.

The manufacturer of rebuilt commercial vehicles, which has been in the red for the past five years, was among the top 10 actively traded stocks.

According to the group's filing with Bursa Malaysia, Beng Tiek had purchased the block of shares on the open market.

Beng Tiek emerged as a substantial shareholder of the group in April, when he bought a 15.19% stake, mostly from Boon Koon's executive chairman Datuk Goh Boon Koon, at 45 sen per share or RM18 million.

Prior to that, he held a 4.84% stake in the group.

Beng Tiek is also the founder and executive chairman of Chin Hin Group Bhd.

In an interview with The Edge Malaysia Weekly, Chin Hin's managing director Chiau Haw Choon said the group intended to turn Boon Koon around by its current financial year ending March 31, 2018 by diversifying into property development.