LBS Bina shares up 14% after Top Glove founder emerges as substantial shareholder

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KUALA LUMPUR (March 25): LBS Bina Group Bhd shares rose as much as 14% to its intraday high of 40 sen in early trade today as investors reacted positively to news of the emergence of Tan Sri Dr Lim Wee Chai, founder and executive chairman of Top Glove Corp Bhd, as the property developer's new substantial shareholder.

At 9.40am, LBS Bina pared some gains to trade at 38.5 sen, still up 10%, bringing a market capitalisation of RM530.18 million. The group saw some 492,600 shares traded.

In a bourse filing yesterday, LBS Bina said Lim has emerged as a substantial shareholder in LBS Bina after purchasing 103.13 million shares or a 6.81% stake. The shares were purchased via direct business transactions between March 19 and 24 at 32 sen apiece or RM33 million.

Separate filings show that Lim bought the shares in several blocks from LBS Bina's single largest shareholder Gaterich Sdn Bhd — which is the private investment vehicle of LBS Bina founder Datuk Seri Lim Bok Seng and his family. Post-disposal, Gaterich has a 35.88% stake in LBS Bina.