Wheelock Stake In SC Global Rises To 15%

Source : The Business Times, October 16, 2008

WHEELOCK Properties has lifted its stake in SC Global Developments to 15 per cent from 13.09 per cent, SC Global said yesterday.

Wheelock increased its stake in the open market between Feb 4 and Oct 15 this year. The increase was also due to a reduction in SC Global shares on issue after a recent buy-back exercise. Wheelock made its purchases through wholly owned subsidiary Ardesia Developments.

SC Global chief Simon Cheong is the company's largest shareholder. On Oct 8, he had a deemed stake of 53.513 per cent and a direct stake of 0.155 per cent, according to a filing by SC Global with the Singapore Exchange that day.

In September, he upped his stake in the company, buying 7.79 million shares at 75 cents each in a married deal, which worked out to an investment of $5.8 million in all. David Tsang, SC Global's executive director and director of corporate finance, also bought 500,000 shares at 75 cents apiece.

The two directors bought the shares in their individual capacity. Mr Cheong said then that he and Mr Tsang had bought into the company because they saw value in it.

SC Global shares lost one cent to close at 48.5 cents yesterday, while Wheelock shares shed 3.5 cents to end at 83 cents.