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Ezion CEO's wife reduces her deemed interest in the firm
THE wife of Ezion Holdings' chief executive, Chew Thiam Keng, has reduced her deemed interest in the company after the firm's recent trading suspension triggered a monetising equity collar arrangement.
The suspension had constituted a hedging disruption to this arrangement which was entered into by White Ruby Worldwide Inc with various parties, with a financial institution as custodian, Ezion said in an exchange filing on Thursday evening.
As a result, White Ruby's interest in 60 million shares in the issued and paid-up capital of Ezion has been transferred, and the proceeds set off against outstanding loans and liabilities.
This leaves Mdm Chan Fooi Peng, Mr Chew's wife, with total interest of 10.49 per cent in the firm, comprising 1.82 per cent direct interest and 8.67 per cent in deemed interest. Before the transaction, she held 11.57 per cent in deemed interest.
As Mr Chew is deemed to be interested in the shares held by his wife, his deemed interest has also fallen from 12.07 per cent to 9.18 per cent from the transaction. He now holds 10.49 per cent of the firm in direct and deemed interest.