An investor with funds managed by Pilgrim Partners has emerged as a substantial shareholder at Fu Yu Corporation. And the company's founders have stepped aside.

Pilgrim Partners, managing a variable capital company 85% owned by one Wang Shao Ren (Wang Shaoren) @ Ong Shao Jin, paid $58.3 million, or 26 cents per share, to Hew Lien Lee, Ho Nee Kit, Tam Wai and Ching Heng Yang for their 224,392,511 Fu Yu Corp shares.

The VCC now holds a stake equivalent to 29.8% of Fu Yu Corp, which is just a shade below the 30% general offer trigger.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook