Keong Hong Holdings has new substantial shareholder
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MAINBOARD-listed Keong Hong Holdings has a new substantial shareholder in LJHB Holdings (S).
LJHB, which primarily invests in real estate and hospitality assets, on Dec 15, acquired 49.4 million shares, representing a 21 per cent stake in Keong Hong, from Ronald Leo, Keong Hong's chairman and CEO.
Mr Leo remains the single largest shareholder of Keong Hong with a 30.85 per cent interest in the company.
Keong Hong, which is in building construction, hotel and property development and investment, said that LJHB's investment will provide the latter with "a platform" for its future real estate projects in Singapore.
On the other hand, Keong Hong will be able to leverage LJHB's "wide business network" to boost its regional expansion plans and competitiveness.
Shares of Keong Hong closed down 8.57 per cent at S$0.32 on Wednesday before the announcement.
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