SINGAPORE (Feb 14): Bobby Lim Chye Huat, a substantial shareholder of Asiatic Group Holdings, has halved his stake in the company from 11.95% to 6.04% following an off-market sale on Feb 5. Lim, who used to own 186 million shares in the company, sold 92 million shares for $736,000, or an average of 0.8 cent.

Lim sold his stake to brothers Tan Boon Siang and George Tan Boon Kheng. In their respective filings on Feb 4, the company stated that Boon Siang, the company’s executive director, increased his stake by 70 million at the cost of $560,000. Boon Kheng, the managing director, on the same day, paid $176,000 for 22 million shares. Boon Siang now owns 9.01% of the company, up from 4.51% earlier while Boon Kheng now owns 9.07%, up from 7.66% earlier.

This significant change in shareholding came just a week after Asiatic announced on Jan 28 the cancellation of its plan to sell its stake in a loss-making biomass power plant.

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