Pilgrim Partners-managed VCC assumes control of Fu Yu Corp in $58.3 mil deal

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.

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