SINGAPORE (May 13): The Lee family that controls Sing Investments & Finance (SIF) recently raised its stake in the company via FH Lee Holdings to just a shade below the 30% mandatory takeover mark as stipulated by Singapore company laws. The last time the Lees bought shares in the finance firm was nearly a year ago.
According to a May 8 filing, FH Lee, the single-largest shareholder of SIF, bought 18,800 shares at an average price of $1.47 each on May 6 from the open market. On May 7, it bought another 22,000 shares at $1.4786 each. This raises FH Lee’s stake from 43.83 million shares to 43.87 million shares, or a stake of 27.83%, from 27.804% prior to the purchase.
Besides the direct stake, FH Lee holds a deemed stake of nearly 2.85 million shares, or 1.805%, in SIF. This brings FH Lee’s total stake of deemed and direct holdings to more than 46.7 million shares, or 29.635%.