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CONSTRUCTION group Lian Beng has agreed to sell its recently accumulated substantial stake in media storage products seller Datapulse Technology for about S$7.59 million in cash to Datapulse's executive deputy chairman and chief executive officer Ng Cheow Chye, it said in a Singapore Exchange (SGX) filing on Thursday.
The sum it will get for those shares appears to be significantly above their market value based on Datapulse's last closing price, though it is unclear what price Lian Beng bought them for.
Lian Beng said that as at Thursday, it held about 22.85 million shares or 10.43 per cent of Datapulse.
Datapulse shares closed flat at 21.5 Singapore cents on Thursday before Lian Beng's announcement, which gave it a market value of about S$47.10 million. A 10.43 per cent stake of that market value would work out to about S$4.91 million.
Lian Beng noted that Mr Ng is an existing substantial shareholder of Datapulse. Both companies are listed on the SGX mainboard.
Lian Beng shares closed half a cent lower at S$0.46 on Thursday.