Fututech's director buys 16.7% stake in GSB Group for RM8.8m

Fututech's director buys 16.7% stake in GSB Group for RM8.8m
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KUALA LUMPUR (Dec 18): Fututech Bhd's executive director Datin Toh Siew Chuon has purchased a 16.7% stake in GSB Group Bhd, which manufactures optical disc storage media and is also involved in property development, for RM8.8 million.

In a filing with Bursa Malaysia today, it was revealed that Toh, 49, along with Tee Eng Tiong, 37, and Tee Eng Han, 40, had purchased 88 million GSB shares, or a 16.7% stake, on Dec 16, 2015 through their private vehicle Javawana Sdn Bhd. The subscription was undertaken via a private placement of GSB shares.

The issue price for the placement shares was fixed at 10 sen per placement share on Dec 2, representing a 6.2% premium to the volume weighted average market price of GSB shares up to and including Dec 1 of 9.42 sen per share.

With the purchase of the 16.7% stake, Javawana will be the second-largest shareholder in GSB after Suria Bitara Sdn Bhd, which has an 18.29% stake in the company.

GSB shares closed up 0.5 sen or 4.76% to 11 sen today, with a market capitalisation of RM46.2 million.

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