SINGAPORE (Apr 23): Declout announced that Melvin Poh, the founder and managing director of local property group, Fission Group, has emerged as its second-largest shareholder.

Poh acquired 78.15 million shares in DeClout, which were held by the previous second-largest shareholder Wong Poh Leng, in an off-market transaction on Apr 17 for 11.8 cents per share. The acquisition price represents a premium of 35.6% over the closing price on Apr 13.

Over the next three days, Poh acquired a further 2.648 million shares at an average of 9.0 cents per share from the open market.

Following the combined acquisitions, Poh currently holds a total of about 80.798 million share, representing a 12.9% stake.

Declout’s founder and executive chairman Vesmond Wong Kok Khun remains to be the largest shareholder, who currently holds about 81.12 million shares, representing a 12.24% stake.

Apart from DeClout, Poh is also the second-largest shareholder of AusGroup. He also sits on the board as an independent, non-executive director.

“I have studied the recent developments of the Company, which is clearly at an inflection point. I made the investments as I saw an opportunity for growth. The management under Vesmond Wong has the proven capability to execute DeClout’s unique business model to identify and unlock value in niche IT businesses,” says Poh.

Shares in DeClout last traded at 9.2 cents on Friday.