Kwek Leng Peck’s Hong Leong Investment cuts stake in Hwa Hong

Singapore two-dollar bills

Hong Leong Investment Holdings, the ultimate holding company of Hong Leong Finance, saw its deemed interest in Hwa Hong Corp. drop to 5.11 percent from 18.92 percent after its subsidiaries sold around 90.14 million shares for S$33.35 million in an off-market deal, according to a filing to SGX Monday.

Kwek Leng Peck is the executive director of Hong Leong Investment Holdings and non-executive and non-independent director of Hong Leong Finance.

Kwek Holdings, a holding company, was also deemed interested in the Hwa Hong shares held indirectly by Hong Leong Investment Holdings, as Kwek Holdings can exercise control of at lease 20 percent over Hong Leong Investment Holdings, the filing said.

The subsidiaries disposing of the shares were Starich Investments, Hong Leong Enterprises, Welkin Investments and Tudor Court Gallery, the filings said. The shares were sold on 22 September, the filing said.

In a separate filing, Hong Leong Enterprises said its direct stake fell to zero from 4.53 percent, while its deemed interest was also nil from 1.43 percent previously after it sold 38.9 million Hwa Hong shares for S$14.39 million.

Last week, Roswell Assets become a substantial investor in Hwa Hong Corp., acquiring 40 million shares for S$14.8 million in an off-market transaction, for an initial stake in the company of 6.128 percent, according to an SGX filing by Seow Voon Ping, a director of Roswell Assets.

Hwa Hong is a property investor with commercial, residential and retail properties in the United Kingdom, and industrial, commercial and healthcare assets in Singapore.