Pan Asian shares surge 18.9%, triggering SGX query

 

On June 21, Pan Asian Holdings controlling substantial shareholder, Xu Jia Zu Holdings completed the sale of 56 million shares of the Catalist-listed company to businessman Sylvester Lim Wei Zhi.

 

The 56 million shares represented 26.14 per cent of the existing issued share capital of the company, purchased by Mr Lim at 5.36 cents per share for a consideration of S$3 million via a married deal.

 

The transaction reduced Xu Jia Zu Holdings' total interest in Pan Asian Holdings from 77.09 per cent to 50.95 per cent.

 

Pan Asian Holdings executive chairman Richard Koh Chye Heng maintains deemed interests in Xu Jia Zu Holdings, as does the former executive director and managing director cum chief executive officer Eddie Koh.

 

Appointed as the executive chairman since March 2009, Mr Richard Koh is responsible for the overall management of the group' s operations, as well as the formulating and implementing the group' s business strategies.

 

Mr Richard Koh was also the founder and managing director of the company from 1980 to 1991, in addition to being chairman from 1991 to 2004.

 

Pan Asia Holdings is a leading supplier of high quality pipe system and equipment for water infrastructure projects the in Asia-Pacific region.

 

Impacted by the global outbreak of Covid-19, the group managed to reverse its loss before tax of S$1.5 million for H1FY20 (ended June 30) to a profit before tax position of S$0.1 million for FY20.

Xu Jia Zu Holdings, the controlling shareholder of Pan Asian Holdings has, on June 7, announced that it has expressed an interest to dispose a portion of its shares in the company to an unrelated third party.

As at June 7, Xu Jia Zu Holdings holds a 77.09% stake in Pan Asian Holdings.

Discussions are currently on-going and no agreement has been reached between both parties.