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Yong Tai CEO injects RM36m to raise stake to 20pct

 Publish date: Fri, 17 May 2019, 8:11 PM

KUALA LUMPUR: Yong Tai Bhd’s chief executive officer (CEO) Datuk Wira Boo Kuang Loon is raising his stake in the company to 20 per cent from 12 per cent with an injection of RM36 million cash, to further grow the business.
 
In a statement Friday, the group noted Boo through Domain Capital Sdn Bhd (DCSB) will subscribe an additional 100 million new shares in Yong Tai under a corporate exercise which involves new shares issuance.
 
“The move to increase my stake in the company is a reflection of my continued conviction and confidence in the Yong Tai Group and the brand that has been built through the years,” Boo said.
 
Earlier, the group in a filing with Bursa Malaysia said it was looking to raise RM144 million from a proposed special Issue of up to 400 million new shares.
 
It entered into three subscription agreements with DCSB, Full Intelligent International Ltd and Datin Seri Faridatulfirdaus to formalise the parties’ intention and understanding in relation to the corporate exercise.
 
Under the agreements, the subscribers will subscribe 300 million special issues shares, while the remaining 100 million new shares will be placed out to independent third party investors soon.
 
Yong Tai, a tourism and cultural related property developer, expected the corporate exercise to be completed by the second half of 2019.
 
 - Bernama
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