Chng Beng Hua, executive director of International Cement Group (ICG) that owns cement plants in Central Asia, recently acquired 2.5 million shares from the open market.
On Aug 7, he acquired 1.5 million shares for $37,500, which works out to an average of 2.5 cents each. On Aug 11, he acquired another one million shares for $42,150, or a significantly higher price of 4.215 cents each. Chng now holds a direct stake of 14.5 million shares. He is deemed to be interested in another five million shares, four million of which are held under his wife’s name, and one million held under CPF. Chng therefore has a total of 19.5 million shares, which works out to 0.34%.
ICG used to be known as Compact Metal Industries, before Ma Zhaoyang, chairman and executive director, took control by injecting his cement interests into the listed entity and became the controlling shareholder. He now owns a stake of around 80%.