Far East Organization’s Philip Ng has emerged as a substantial shareholder of retailer F J Benjamin Holdings, following conversion of warrants into shares.

Ng via his vehicles, now hold 79.1 million F J Benjamin shares, equivalent to a stake of 7.46%. This was up from 4.44% previously. 

According to an F J Benjamin filing, Ng on April 1 converted 33.6 million warrants to shares at 4 cents each, costing him $1,346,400. 

SEE: F J Benjamin and fintech Aleta Planet to launch co-branded UnionPay virtual debit card

F J Benjamin closed on April 7 at 3.8 cents.

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Besides Ng, another billionaire, former remisier king Peter Lim recently converted his warrants to F J Benjamin shares as well, at the same price of 4 cents.

However, Lim didn’t hold on to his shares, as he has been steadily paring his new F J Benjamin shares into the open market, including, most recently, on March 30, when he sold 8,089,700 shares at 4.2 cents.