Versatile Creative chairman no longer substantial shareholder in company after selling stake

PETALING JAYA: Versatile Creative Holding Bhd’s chairman and executive director Datuk Lee Kwee Hiang is selling a 18.83% stake in the company to Oriental Mace Group’s (OM) group CEO Prof Dr Wong Kong Yew @ Leong Kong Yew for RM17.21 million.
Lee, who had about a 20% stake in Versatile Creative as at July, will no longer be a substantial shareholder in the company.
In a statement released by Wong, he said a share sale agreement (SSA) between Wong and Lee were executed on Aug 26, 2016.
As at press time, no announcement was made to Bursa Malaysia to the affect.
The SSA formalised the parties’ intention and understanding in relation to the corporate exercise.
Wong is confident that the acquisition of Versatile would strategically position OM on an even more solid and stable footing as the company will be part of a listed entity upon the completion of the proposed acquisition.
“The acquisition is in line with OM’s expansion plans to diversify into other businesses that would add value to the group. I am confident that through our efforts and commitment, we will be able to achieve more and be able to continue to develop even firmer foundation for both to become one,” he added.
The corporate exercise, which is expected to be completed in 60 days after the execution of the SSA is subject to the approval of relevant authorities.