OKH Global's former deputy CEO slashes stake in off-market deal

THE former deputy chief executive officer of property developer OKH Global slashed his stake in the company a few weeks after departing, a Singapore Exchange filing on Thursday showed.

OKH Global said it was told by Bon Ween Foong on Dec 29 that he had on Dec 23 sold about 81.4 million shares for about S$5.5 million in an off-market transaction.

The average price worked out to 6.7 Singapore cents apiece and the sale cut his stake from a substantial 9.5 per cent to just 2.29 per cent. The average price was above the counter's closing price of 5.9 Singapore cents on Dec 23.

OKH did not reveal the nature of the off-market sale or who was on the other side of the deal. It did however note that Mr Bon's remaining shareholdings include deemed interest in shares he pledged to UBS Singapore, Bank Julius Baer and Credit Agricole.

OKH shares closed 0.1 Singapore cent lower at S$0.06 on Thursday before the announcement.