Klang-based company buys 31.27% stake in Penang's Ideal Sun City

Klang-based company buys 31.27% stake in Penang's Ideal Sun City
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KUALA LUMPUR (Nov 16): Success Tower Sdn Bhd, a private incorporated company based in Klang, Selangor, had on Nov 13 purchased 49.05 million shares in Penang-based Ideal Sun City Holdings Bhd, bringing its total shareholdings in the company to 58.05 million or a 31.27% stake.

In a filing with Bursa Malaysia today, it was revealed that Success Tower had purchased the substantial 31.27% stake, thus becoming the largest shareholder in Ideal Sun City, which is principally involved in the project management services business for commercial and residential property development.

Ideal Sun City executive chairman, renowned Penang property developer Datuk Alex Ooi Kee Liang and his wife Ideal Sun City executive director Datin Phor Li Wei control some 43.17 million shares, or a 23.2 % stake in Ideal Sun City through their vehicle Ideal Sun City Sdn Bhd.

Based on a company search, Success Tower has registered real estate activities with own or leased property as its nature of business. The two directors of the company are Koh Soo Teng, 34, and Teow Ee Meng, 23.

Teow has a 45% stake in Success Tower, while Hong Kong-based Vantage Corporate Services Ltd has a 25% stake in the company, followed by Bangkok-based Summit Consulting Ltd with a 20% stake and Koh with a 9.96% stake.

Ideal Sun City shares closed up 1 sen, or 1.89% today to 54 sen, arriving at a market capitalisation of RM100.26 million.

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