SINGAPORE (Nov 4): The Quek family, which controls GuocoLand, has increased its stake in the property developer following two off-market purchases. On Oct 29, GuocoLand Assets bought 17,141,975 shares at an average price of $2.05 per share. The following day, it bought another 1,333,333 shares at the same price. The identity of the seller has yet to be disclosed.

These purchases bring GuocoLand Assets’ stake in GuocoLand to 790,507,734 shares, or 66.8%, from 65.2% previously. GuocoLand Assets is wholly-owned by Guoco Group, which in turn holds the Quek family’s stake in GuocoLand.

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