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.

Ching, who used to hold 11.81%, is left with a direct stake 2.06%; Ho, who held 12.88% before the sale, is left with 3.13%; Tam, who held 12.84%, is left with 3.09%. In addition, all three men have deemed stakes of around 2% each.  

As for Hew, he used to hold 1.08% directly. He is now left with 0.53%. He has a deemed interest of another 0.13%, giving him a total interest of 0.66%.

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While Hew remains Fu Yu Corp's executive director and CEO, Ching, Fu Yu Corp's vice chairman and executive director, together with his two co-founders cum executive directors, Tam and Ho, have resigned with effect on Jan 18.

In their place, Choo Boon Tiong has been named vice chairman and executive director; David Seow Jun Hao has been named an executive director and Haytham T KH S Al Essa named an independent director.

Earlier on Jan 18, shares in Fu Yu Corp surged over 20% to 33.8 cents as at 3.50 pm, triggering a query by market regulator Singapore Exchange Regulation (SGX RegCo).

See: Shares in Fu Yu Corp see over 20% spike, triggers SGX query

 

Shares in Fu Yu Corp closed 3 cents higher or 10.7% up at 31 cents on Jan 18.