Chin Hin founder Chiau Beng Teik ceases to be substantial shareholder in NCT Alliance

• Following the disposal, Chiau’s shareholding in NCT has fallen to 74.94 million shares or a 4.48% stake — below the 5% threshold required to be deemed a substantial shareholder.

KUALA LUMPUR (Sept 12): Chin Hin Group Bhd (KL:CHINHIN)’s founder Datuk Seri Chiau Beng Teik has ceased to be a substantial shareholder in NCT Alliance Bhd (KL:NCT) after selling a 3.58% stake in the construction and property development company.

Chiau offloaded the stake, comprising 59 million shares in NCT, via an off-market transaction on Monday, according to the company's exchange filing on Thursday.

Based on a back-of-the-envelope calculation, the disposal shares represent a 3.58% stake in the company. Following the disposal, Chiau’s shareholding in NCT has fallen to 74.94 million shares or a 4.48% stake — below the 5% threshold required to be deemed a substantial shareholder.

The transaction price was not disclosed. Based on the closing price of 49.5 sen on Sept 9, Chiau would have earned RM29.65 million. 

Chiau emerged as NCT's substantial shareholder after acquiring the company's shares in a private placement in March last year. He subscribed for 75.41 million shares, representing a 5.61% stake, at 32 sen per share.

Meanwhile, NCT also notified the stock exchange on Wednesday that Chiau's eldest son Haw Choon also disposed of a total of 64.86 million shares in the company on Sept 9 and 11. Haw Choon is left with 88.72 million shares or a 5.31% stake in NCT.

NCT shares have been on the rise since mid-March, climbing from 33 sen on March 19 and touching a high of 58.5 sen on April 8. 

On Thursday, the counter closed at 48.5 sen after dropping 0.5 sen or 1%, giving the company a market capitalisation of RM820 million. Year to date, the stock is up 47%.

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