Veteran investor Melvin Poh now DeClout's second largest shareholder

MELVIN Poh has become the second largest shareholder of Catalist-listed DeClout by buying over the entire 11.8 per cent stake of Wong Poh Leng for S$9.2 million.

On April 17, Mr Poh acquired a total of 78.15 million shares in DeClout, a holding company for technology firms, from Ms Wong in an off-market transaction.

The acquisition price of 11.8 Singapore cents per share represents a premium of 35.6 per cent over DeClout's closing price of 8.7 Singapore cents on April 13, being the last market day on which shares in DeClout were traded before the transaction, DeCout said on Monday morning in an exchange filing.

From April 18 to April 20, Mr Poh then acquired a further 2.7 million shares at an average of 9 Singapore cents per share from the open-market.

Following the transactions, Mr Poh now holds a total of 80.8 million shares, or a 12.19 per cent stake in DeClout, second only to founder and executive chairman, Vesmond Wong, who currently holds about 81 million shares, or a 12.24 per cent stake. Mr Wong is not related to former shareholder Wong Poh Leng.

Mr Poh is the founder and managing director of Singapore property developer the Fission Group. He is also an independent, non-executive director and second largest shareholder mainboard-listed AusGroup, a construction services company.

Mr Poh said in the statement: "I have studied the recent developments of the company, which is clearly at an inflection point. I made the investments as I saw an opportunity for growth. The management under Vesmond Wong has the proven capability to execute DeClout's unique business model to identify and unlock value in niche IT businesses."

DeClout closed 1.08 per cent or 0.1 Singapore cent lower at 9.2 Singapore cents apiece on Friday.