Lee raises stake in IOI Properties to 51.08%

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KUALA LUMPUR (Oct 14): Tan Sri Lee Shin Cheng, founder of IOI group, has increased his interest in IOI Properties Group Bhd to 51.08%, following the purchase of an additional 5.8 million shares or a 1.05% stake via three transactions recently.

According to filings to Bursa Malaysia, Vertical Capacity Sdn Bhd — a vehicle controlled by the family — had acquired 1.6 million shares in the open market at RM2.549 per share on Oct 9, followed by 1.5 million shares at RM2.559 per share on Oct 10, and 2.7 million shares at RM2.566 per share on Oct 13.

This translates to a total transaction value of RM14.8 million. Vertical Capacity is the single largest shareholder of IOI Properties.

Lee is deemed interested in the transaction by virtue of his interest in Progressive Holdings Sdn Bhd, which holds 100% equity interest in Vertical Capacity, as well as interest in the shares held by his spouse Datin Joanne Wong Su-Ching.

IOI Properties closed 10 sen or 3.85% lower at RM2.50 today, with a market capitalisation of RM8.42 billion.