Heveaboard’s substantial shareholder up his stake

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KUALA LUMPUR (Sept 23): Datuk Loo Swee Chew, a director of Heveaboard Bhd (Heveaboard), has increased his indirect interest in the particleboard manufacturer after his son Loo Chin Meng (Lu Zhenming) acquired 27,400 shares on the open market last week.

Loo’s equity interest in Heveaboard has increased to 28.53%. Loo is also deemed interested by virtue of his family relationship with his son.

Loo is also a substantial shareholder of Heveaboard by virtue of his ownership of HeveaWood Industries Sdn Bhd (HeveaWood) — the company’s biggest shareholder. As at April 2014, HeveaWood holds 29.95%of Heveaboard shares.

Only 0.15% of Loo’s interest in Heveaboard is held by him directly.

Heveaboard’s share price has been soaring this year and has been trading in at a five-year high. It closed at RM1.98 today and has a market capitalisation of RM196.89 million.