KUALA LUMPUR (Oct 27): Datuk Raymond Chan Boon Siew sold his entire stake of 5.03% or 38.84 million shares in Naim Indah Corp Bhd to its two other directors, Datuk Siaw Swee Hin and Datin Khoo Lay Wah, through a married deal in an off-market transaction.

Chan’s total disposal was transacted at 12.5 sen per share, equivalent to RM4.85 million.

Some 28.84 million or 3.73% was sold to Siaw at 12.5 sen per share, while the remaining 10 million was sold to Khoo for 12.5 sen per share.

Siaw’s direct stakes in Naim Indah rose to 39.17 million or 5.07% stakes, while Khoo’s indirect stakes increased to 8.79% after the duo have bought shares from Chan.

Currently Chan is the chief executive officer and non-independent in Naim Indah, which has interest in property investment and timber logging.

Khoo also controls Naim Indah via her vehicle Quantum Discovery Sdn Bhd with 7.49% stakes, as latest Bloomberg data shows.

Naim Indah is among the companies whose share price rocketed several folds, after Chan emerged as a substantial shareholder.

Back in February 2012, Harvest Court was a star performer. The stock saw a surge of 172% in one day, when Chan emerged as a substantial shareholder in the company. The stock soared from barely five sen to 73 sen in less than three months, between February to early April, 2012.

Prior to that, Chan bought into Harvest Court in the fourth quarter of 2011. He subsequently awarded more than a billion ringgit worth of construction contracts to Harvest Court, which saw its share price climb from 12 sen to as high as RM2 in 2011 — an increase of more than 16-fold.

Chan was reported as saying he was injecting assets into Harvest Court Industries Bhd, to help turn around the loss-making company. Speculation was then rife that Chan could possibly do the same for Naim Indah, which has been loss-making since 2008.

However, Chan has yet to turn around Naim Indah, which is still in the red so far.

Chan once again hogged the limelight in June this year, following the shareholder tussle with new shareholder Datuk Eddie Chai in Harvest Court.

Shares in Naim Indah closed at 11.5 sen today, giving it a market capitalisation of RM88.81 million.