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Neo and wife assume substantial stake in JV partner Boldtek in married deal

The Edge Singapore
The Edge Singapore4/16/2021 06:30 AM GMT+08  • 3 min read
Neo and wife assume substantial stake in JV partner Boldtek in married deal
Founder and CEO of Neo Group and wife take 8.21% stake in Boldtek; Standard Life Aberdeen trims Yoma Strategic stake to 5.998%.
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Neo Kah Kiat, founder and CEO of caterer Neo Group, and his wife Liew Oi Peng have taken a stake of 8.21% in Boldtek in a married deal. Neo Group, which is being privatised by Neo, is in a property JV with Boldtek, which is in construction and property development.

Neo and Liew, via a vehicle called Twinkle Investment, acquired nearly 15.3 million Boldtek shares for some $1.2 million, which works out to an average of eight cents per share, according to a filing by Boldtek on April 6. The identity of the seller was not disclosed in the same filing.

The JV on April 8 completed the collective purchase of an existing residential property for $26.5 million. The property, at 8, Lorong 25A Geylang Road, sits on a freehold site of 11,429 sq ft and is zoned for residential or institutional use with a gross plot ratio of 2.8 and an allowable height of up to eight storeys, under the URA 2019 Masterplan.

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