Neo Group's chairman raises stake; PropNex's top shots go on a shopping spree

The Edge Singapore
The Edge Singapore7/30/2020 06:30 AM GMT+08  • 3 min read
Neo Group's chairman raises stake; PropNex's top shots go on a shopping spree
Neo Kah Kiat, chairman and CEO of caterer Neo Group, increased his stake in the company via two separate married deals on July 24. In the first tranche, he acquired 453,300 shares for $190,386 and in the second tranche, he acquired 2.2 million shares for
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Neo Kah Kiat, chairman and CEO of caterer Neo Group, increased his stake in the company via two separate married deals on July 24. In the first tranche, he acquired 453,300 shares for $190,386 and in the second tranche, he acquired 2.2 million shares for $924,000. That works out to an average price of 42 cents per share.

With the purchases, Neo’s direct stake in the company increased to nearly 109 million shares, or 73.952%. In addition, Neo has a deemed stake of 8.06 million shares, held by his wife Liew Oi Peng. In total, Neo has a total stake of some 117 million shares, or 79.425%, up from 77.932% previously.

For the FY2020 ended March 31, Neo Group reported earnings of $6.3 million, up 21.2% y-o-y from $5.2 million in FY2019. Revenue increased by 2.7% y-o-y to $185.9 million, with substantial growth from its core food catering business. The company also sells food via retail outlets and manufactures foodstuff.

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