SINGAPORE (Feb 7): Chen Tong, executive chairman of Reenova Investment Holdings, has raised his stake in the company again. On Jan 23, he bought 250 million shares from the open market at 0.3 cent each, or a total of $750,000. With this purchase, Chen now holds 564.8 million shares in the company, which translates to a stake of 12.81%, up from 7.14% previously.

Reenova, formerly known as ISR Capital which underwent a name change last July, has been trying for years to acquire and commercialise a tantalum mine in Madagascar. Back in 2016, ISR Capital drew controversy when it tried to acquire a 60% stake in the mine for $40 million by issuing new shares at 10 cents each. After two Australian valuers appraised the mine at more than US$1 billion, shares of ISR Capital surged 4,000% within months.

owever, the surge prompted close scrutiny from the Singapore Exchange which subsequently rejected the two valuations and forced ISR Capital to appoint a third valuer, which lowered the asset’s valuation to just US$48 million.

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