Stake changes: Kuang Ming Investments boosts JUMBO stake; CityDev, Allied Tech

JUMBO Seafood outlet at Singapore’s Jewel ChangiJUMBO Seafood outlet at Singapore’s Jewel Changi

Singapore substantial shareholder changes announced on Friday, 3 December 2021: JUMBO Group, City Developments and Allied Technologies.


Kuang Ming Investments bought 500,000 JUMBO Group shares in the market for S$157,450 on 1 December, increasing its direct interest to 7.02 percent from 6.95 percent previously, according to a filing to SGX Friday.

Tan Kim Choo and Ng Chee Tat Philip both have a more than 20 percent interest in Kuang Ming Investments, and are deemed interested in the JUMBO shares, the filing said.

Ng is the CEO of Far East Organisation, and the son of Ng Teng Fong, who founded Far East Organisation. Tan Kim Choo, who is a director at Far East Organisation and its largest shareholder, is his mother.

Ng and his brother Robert share the No.6 spot on Forbes’ Singapore’s Richest 2021 List.

City Developments

After the members’ voluntary liquidation of NIN Investment Holdings, its 15.16 million City Developments shares were distributed, with 2.37 million going to Hong Realty (HR) and 12.79 million going to Hong Leong Investment Holdings (HLIH), according to a filing to SGX Friday.

HR’s interest in City Developments increased to 7.161 percent from 6.9 percent previously, while HLIH’s total interest remained at 48.552 percent, as it was already deemed interested in the shares, the filing said.

Allied Technologies

Tang Junwei has ceased to hold an interest in Allied Technologies after transferring ownership of Quantum Global  — which holds a 7.91 percent stake in Allied Technologies — to Seow See Keong on 26 May 2021, according to a filing to SGX Friday.

Tan Junwei is no longer deemed interested in the Allied Technologies shares held by Quantum Global, the filing said.

The quantum of any consideration for the deal was not provided.

Seow See Keong is now deemed interested in the 7.91 percent stake, or 140 million shares, compared with previously holding no interest in the company, a separate filing said.

In 2018, Allied Technologies had entered a deal to acquire a 51 percent stake in software-as-a-service (SaaS) company Activpass Holdings from Seow See Keong and Leow Ai Li Amy for S$25.2 million.


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