A NEW substantial shareholder has emerged at Ellipsiz Ltd, after its chief executive Chan Wai Leong sold 100 million of his shares for S$15 million to David Lum Kok Seng, the managing director of Lum Chang Holdings.
With that, Mr Lum raised his stake through the married trade from 2.35 per cent to 20.44 per cent on April 5. Mr Chan's stake was pared from 19.79 per cent to 1.7 per cent.
The sudden divestment by Mr Chan was unexpected given that he was recently seen shoring up his stake in Ellipsiz in off-market transactions.
A spike in the trading volume of Ellipsiz shares had earlier prompted a query from the Singapore Exchange in March.
Ellipsiz is a probe card and distribution and service solutions provider serving the semiconductor and electronics manufacturing industries, while Lum Chang is a building contractor and property developer.