IOI Properties CEO Lee Yeow Seng buys RM87.9m in shares, lifts direct stake to 3.77%

IOI Properties Group CEO Datuk Lee Yeow Seng acquired 25.14 million shares via five open-market purchases between Aug 28 and Sept 29, for an estimated RM87.91 million. The deals raised his direct stake to 207.47 million shares, or 3.768%, from 3.311%.

PETALING JAYA (Oct 2): IOI Properties Group Bhd group CEO and substantial shareholder Datuk Lee Yeow Seng acquired 25.14 million shares in the property developer through five open-market purchases between Aug 28 and Sept 29, for an estimated RM87.91 million.

According to Bursa Malaysia filings, the acquisitions raised his direct holding to 207.47 million shares, or 3.768%, from 182.332 million shares, or approximately 3.311%, before the first purchase.

The disclosed purchase prices ranged from RM3.455 to RM4.035 per share. Based on those prices, the weighted average cost of the 25.1381 million shares acquired was approximately RM3.497 apiece.

Lee began with the acquisition of 200,000 shares at RM4.035 each on Aug 28, worth RM807,000. His largest purchase came on Sept 24, when he acquired 10.0151 million shares at RM3.49 apiece for an estimated RM34.95 million. He subsequently bought 2.9 million shares at RM3.497 each on Sept 25, worth approximately RM10.14 million.

On Sept 28, Lee acquired another 6.023 million shares at RM3.533 apiece for an estimated RM21.28 million. The Sept 29 purchase comprised six million shares at RM3.455 each, worth RM20.73 million. The transaction was disclosed on Sept 30.

His indirect interest through Vertical Capacity Sdn Bhd remained unchanged at 3,616,063,741 shares, or 65.673%, according to the substantial-shareholder notices. The director-interest filings separately reported an indirect/deemed interest of 3,616,238,741 shares, or 65.676%, which also included shares held by his spouse, Datin Yeo Bee Yin. All five purchases were disclosed as dealings outside the closed period.