Felicia Tan  Published on Mon, Jan 18, 2021 / 10:09 PM GMT+8 / Updated 1 hours ago

An investor with funds managed by Pilgrim Partners  has emerged at Fu Yu Corporation. And the company' s founders have stepped aside.

  Pilgrim Partners, managing a variable capital company 85% owned by one  Wang Shao Ren (Wang Shaoren) @ Ong Shao Jin, paid  $58.3 million, or 26 cents per share,  to Hew Lien Lee, Ho Nee Kit, Tam Wai and Ching Heng Yang for their 224,392,511 Fu Yu Corp shares.

  The VCC now holds a stake equivalent to 29.8% of Fu Yu Corp, which is just a shade below the 30% general offer trigger.

  Ching, who used to hold 11.81%, is left with a direct stake 2.06% Ho, who held 12.88% before the sale, is left with 3.13% Tam, who held 12.84%, is left with 3.09%. In addition, all three men have deemed stakes of around 2% each.   

  As for Hew, he used to hold 1.08% directly. He is now left with 0.53%. He has a deemed interest of another 0.13%, giving him a total interest of 0.66%.

 

  While Hew remains Fu Yu Corp' s  executive director and  CEO, Ching, Fu Yu Corp' s vice chairman and executive director, together with his two co-founders cum executive directors, Tam and Ho, have resigned with effect on Jan 18.

  In their place,  Choo Boon Tiong has been named vice chairman and executive director David Seow Jun Hao has been named an executive director and Haytham T KH S Al Essa named an independent director.

  Earlier on Jan 18, shares in Fu Yu Corp surged over 20% to 33.8 cents as at 3.50 pm, triggering a query by market regulator Singapore Exchange Regulation (SGX RegCo).

  See:  Shares in Fu Yu Corp see over 20% spike, triggers SGX query

  Shares in Fu Yu Corp closed 3 cents higher or 10.7% up at 31 cents on Jan 18.