SINGAPORE (Mar 27): Lim Hua Min, chairman and controlling shareholder of IFS Capital, has raised his stake in the insurance and factoring service provider, to 60.234%.

On March 18, Lim bought 150,000 shares on the open market through an entity called Phillip Assets for a total of $27,000 which works out to an average price of 18 cents per share. The following day, he bought another 250,000 shares at 17.6 cents each. With the purchase, Lim now has a deemed interest of 226.46 million shares in the company.

This is also the first time in more than two years that Lim has increased his stake. According to the company’s filings, Lim’s last purchase of 445,000 shares at 24 cents each was made on Dec 4, 2017. Earlier on Dec 1, 2017, he had also bought 6,000 shares at 23.5 cents each.

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