PETALING JAYA: PGF Capital Bhd ’s chairman and single-largest shareholder Fong Wah Kai has disposed of a block of his shares in an off-market deal worth RM18.39mil.
PGF, whose share price has surged by over 37% year-to-date, announced yesterday that a total of 10.82 million shares – held via Fong’s vehicle Equaplus Sdn Bhd – were sold on March 15.
The shares were sold at RM1.70 apiece, which was at a 4% discount of March 15’s closing price of RM1.77. It is not known who bought the block of shares.
With the sale, Fong has trimmed his stake in PGF – one of the largest landowners in Tanjong Malim – by 6.59%.
Currently, the 77-year-old owns a direct stake of 4.13% and an indirect interest of 40.96% held via Equaplus.
His son Fong Wern Sheng, who is the chief executive officer of PGF, meanwhile owns an equity interest of 6.6% directly and 14.46% indirectly in the company.
Cumulatively, the Fong family controls a shareholding of 66.15% in PGF, a company with a market capitalisation of slightly below RM300mil.
PGF, whose main business is manufacturing of glass wool, also has a significant exposure in the real estate scene of Tanjong Malim, Perak. It holds a leasehold land measuring up to 1,311 acres which is located a stone’s throw away from Proton City.
Recently, it announced plans to develop a self-sufficient integrated township on a 403-acres plot of land, adjacent to the Automotive High-Tech Valley in Proton City. The development is said to comprise both residential and commercial elements and has a potential gross development value of RM3bil.