SINGAPORE (July 16): Bernard Lim, one of the largest shareholders of Asiatic Group (Holdings), has sold slightly over a third of his stake to the founding family running the company, at a 45.5% premium to market price. This has upset some minority shareholders, who had called for a board reshuffle and a review of the company’s energy business in Cambodia and Malaysia. Those who bought the shares before 2015 would also be sitting on significant losses.

On July 10, Lim, who then owned a 9.8% stake, sold a total of 50 million shares at 1.6 cents apiece in separate married deals with -Asiatic’s founder Tan Ah Kan and his sons George Tan, Tan Boon Yew and Tan Boon Siang. Lim is CEO of Tai Sin Electric. George is managing director of Asiatic, while Boon Yew and Boon Siang are executive directors.

Notably, the sale price of 1.6 cents apiece represents a 45.5% premium to Asiatic’s last traded price of 1.1 cents on July 4. Lim’s stake has now been reduced to 6%. His father Bobby Lim, a renowned penny stock investor, remains Asiatic’s single-largest shareholder with a 14% stake. Meanwhile, Ah Kan and his three sons now own 25.1% of the company, up from 21.3%. When contacted, Lim declined to comment.

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