Ong Chih Ching, executive chairman of developer KOP, acquired one million shares on the open market on Jan 21 for $39,563, bringing her total stake in the company to just over 497 million shares, equivalent to 44.86%.

On the same day, Leny Suparman, the company’s group CEO, also acquired 500,000 shares on the open market for $20,000, or an average of 4 cents each. Suparman now holds a direct stake of 1.8 million shares, or 0.16%. Suparman is deemed to be interested in another 41.45% stake in the company.

The purchase of KOP shares by Ong and Suparman came a few days after the company found itself in a legal bind. In a brief statement on Jan 18, KOP said that its indirect subsidiary KOP Northern Lights had earlier that day received a notice of arbitration dated Jan 4. The announcement triggered a query by the Singapore Exchange, asking, among others, the identity of the counterparty, quantum of the arbitration and the issue at stake.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook