Activist investor Quarz Capital has emerged as a substantial shareholder of engineering and construction group, BBR Holdings (SGX:KJ5
) .
In the filings on July 13, BBR Holdings’ executive deputy chairman, Andrew Tan Kheng Hwee, sold 13.5 million shares on July 10 for a total consideration of $4,050,000. This translates to a price of 30 cents per share.
This brings his stake in the company from the previous 5.42% to just 1.23% and ceased to be a substantial shareholder of BBR Holdings.
At the same time, BBR Holdings’ controlling shareholder, BBR Holding AG, sold 9 million shares at a price of 30 cents per share on July 10 and another 61 million shares at the same price on July 13. This resulted in its stake being reduced from 26.56% to just 4.85% and ceased to be a substantial shareholder of BBR Holdings as well.
Meanwhile, Quarz Capital picked up the 9 million shares sold on July 10 by BBR Holding AG and bought a further 31.5 million shares on July 13. This brings its shareholding in BBR Holdings from the previous 2.5% to 15.09%.
With the above transactions being accounted for, BBR Holdings has yet to disclosed the identity of the buyer of the remaining 43 million shares, which accounts for 13.33% of the total share issued at the company.
See also: Cohen & Steers emerges as substantial shareholder of Centurion Accommodation REIT
Shares of BBR Holdings closed 1 cent higher, or 4.76% up at 22 cents on July 13.
