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Insiders raise stakes in pawnbroking players Maxi-Cash and MoneyMax

Michelle Teo
Michelle Teo12/25/2017 08:00 AM GMT+08  • 3 min read
Insiders raise stakes in pawnbroking players Maxi-Cash and MoneyMax
SINGAPORE (Dec 25): Koh Wee Seng, non-executive chairman of Maxi-Cash Financial Services Corp, has raised his stake in the pawnbroker over three consecutive days of open-market transactions this month. On Dec 12, Koh bought 437,100 shares at just over 16.
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SINGAPORE (Dec 25): Koh Wee Seng, non-executive chairman of Maxi-Cash Financial Services Corp, has raised his stake in the pawnbroker over three consecutive days of open-market transactions this month. On Dec 12, Koh bought 437,100 shares at just over 16.3 cents each. He picked up another 62,900 shares the next day and 500,000 more on Dec 14, at 16.3 cents apiece. The three transactions brought his direct interest in Maxi-Cash to 9.88%, or nearly 90 million shares.

Koh is also CEO and a controlling shareholder of Aspial Corp, which owns 64.92% of Maxi-Cash. Consequently, he is deemed to have an interest in the Maxi-Cash shares held by Aspial. His indirect interest in Maxi-Cash, which also includes shares held by a private company called MLHS Holdings and by his spouse, comes to 648.7 million shares, representing 71.24% of the company. Koh’s total interest in the company amounts to 81.12%.

Maxi-Cash was spun out of Aspial Corp — which owns the Goldheart, Lee Hwa Jewellery and Aspial jewellers — in an IPO in June 2012. Shares in the company surged nearly 30% in its trading debut on the Catalist. Apart from pawnbroking, the company also has a business retailing and trading jewellery, watches and branded bags — some of them pre-owned.

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