KUALA LUMPUR (Oct 30): XingHe Holdings Bhd sees its non-executive director Ng Min Lin having accumulated 0.5% stake or 11.576 million shares this month so far, which led the latter’s shareholdings increased to 1.41%.

In a filing to Bursa Malaysia today, the China-based edible vegetable oil and peanut protein cake producer reported that Ng acquired additional 11 million shares at 11.5 sen per share.

Ng, who was previously executive director of Key West Global Telecommunications Bhd, was redesignated to the current position before the reverse takeover exercise undertaken by XingHe.

Besides, XingHe had in earlier October proposed to grant 2.34 million call options to Australia’s Macquarie Bank Ltd, which allow the bank to subscribe up to 234 million new shares or 9.96% stake in the former.

The gross proceeds to be raised from such arrangement is up to RM46.8 million, and planned to be utilised for business expansion.

XingHe has plans to build its second plant in China to produce peanut protein powder in the first half of 2015, which is estimated to cost 400 million yuan (RM210 million). The investments include land acquisition, buying machinery and marketing expenses.

XingHe closed unchanged at 11.5 sen today, with 1.8 million shares transacted, giving it a market capitalization of RM270.08 million.