Credit Suisse buys 5.17% stake in Permaju Industries

Credit Suisse buys 5.17% stake in Permaju Industries
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KUALA LUMPUR (Sept 26): Global financial services company Credit Suisse Group AG through its unit Credit Suisse Securities (Europe) Ltd has emerged as a substantial shareholder in Permaju Industries Bhd with a 5.17% stake.

In a filing to Bursa Malaysia today, Permaju said Credit Suisse Securities had purchased the 9.68 million shares, representing a 5.17% stake in the company, on Sept 21.

Sabah-based Permaju through its automotive division is involved in the distribution of Volkswagen and Ford franchises. The group is also involved in property development activities.

The company is controlled by the Chai family, namely brothers Datuk Chai Kin Loong, Tan Sri Chai Kin Kong and Chai Kim Chong, who control some 18% of the company.

Kin Kong is also the chairman of property developer Aset Kayamas Sdn Bhd. His son Datuk Eddie Chai Woon Chet is the managing director of Bursa Malaysia-listed Anzo Holdings Bhd.

Permaju shares dipped 0.5 sen or 1.5% to 33.5 sen at noon market close, with 719,100 shares changing hands.