KUALA LUMPUR (May 17): Yong Tai Bhd’s chief executive officer Datuk Wira Boo Kuang Loon is injecting RM36 million in cash into the developer, raising his stake to 20% to sustain the group’s ongoing property development projects. The three parties will subscribe to a total of 300 million special issue shares, with each subscriber acquiring 100 million new shares worth 36 sen apiece, amounting to RM36 million each. Meanwhile, FIIL is a unit of Asia Television Holdings Ltd, which is a holding company of major shareholder Full Winning Developments Ltd, a major shareholder of Yong Tai. Consequently, the remaining 100 million shares will be placed out to independent third party investors at an issue price to be determined later. The counter closed 1.43% or half a sen lower at 34.5 sen – with 1.65 million shares traded – giving it a market capitalisation of RM184.32 million.

Source: The Edge Markets May 17, 2019 12:22 UTC