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UMS raises stake in subsidiary JEP; Fortress Minerals’ director loads up

The Edge Singapore
The Edge Singapore12/16/2021 3:2 PM GMT+08  • 3 min read
UMS raises stake in subsidiary JEP; Fortress Minerals’ director loads up
Both UMS and JEP are controlled by Andy Luong, who holds the chairman and CEO positions at both companies.
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UMS Holdings, the controlling shareholder of JEP Holdings, has increased its stake in the subsidiary. On Dec 10, UMS acquired 239,600 shares for $66,788.50, which works out to an average of 27.9 cents each. That brings UMS’s stake in JEP to 297.4 million or 72.01%, from 71.96% previously. On Dec 7, UMS had acquired one million shares for $262,130.

JEP has been buying back shares as well. On Oct 26, it bought back 142,300 shares for 23.207 cents each. Under its current share buyback mandate, JEP has bought back a total of 920,700 shares.

Both UMS and JEP are controlled by Andy Luong, who holds the chairman and CEO positions at both companies.

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