After exiting Ariantec (0020) and Metronic (0043), Chan disposes of stake in Naim Indah (4464)

PETALING JAYA: Fresh from selling all his shares in two companies that he previously owned, Sabah-based corporate player Datuk Raymond Chan Boon Siew seems to be on the same mode again.

According to a filing with Bursa Malaysia, Chan had disposed of 14 million shares in Naim Indah Corp Bhd at 30 sen each last Thursday in a direct deal.

After the disposal, Chan is still a substantial shareholder in Naim Indah, with a direct holding of 89.3 million shares, or a 12.72% stake, in the property development and property management company. He has been CEO since March this year.

Chan made headlines after emerging as a substantial shareholder of Harvest Court Industries Bhd last year.


High flyer: Speculation is rife that Chan will turn around Harvest Court earlier than planned and he would do the same for Naim Indah.
Two weeks ago, Chan exited Ariantec Global Bhd and Metronic Global Bhd, after having owned both companies for a short period of time. His action sparked active trading in shares of Harvest Court and Naim Indah.

There had been speculation that Chan could complete the turnaround of Harvest Court earlier than planned.

It was also speculated that Chan had similar plans for Naim Indah, which had been reporting losses in the past two financial years.

To recap, Naim Indah had earlier this year entered into heads of agreement with Generasi Cipta Sdn Bhd for a proposed 60% stake acquisition of Sagajuta (Sabah) Sdn Bhd for an indicative price of RM240mil.

According to records, Generasi Cipta is 67.69% owned by Chan and Chu Li Tan through a company called Anchor White Sdn Bhd, while Mohd Nazifuddin Najib is the second biggest shareholder in Generasi Cipta.

Generasi Cipta owns 60% of Sagajuta, which is profitable, according to records. Chan also owns an 8.71% direct stake in Sagajuta.

According to Bursa records Sagajuta owns the 1Borneo Hypermall, a leasehold shopping mall in Jalan Sulaman, Kota Kinabalu with a net book value of RM136.96mil.

Sagajuta also has other deals such as the 1Sulaman Project with a gross development value of RM500mil and a construction project called 1Likas with a contract value of RM776mil.

Should these proposals go through, and with the current reported shareholdings of Chan in Naim Indah, Chan's overall net interest in Sagajuta will eventually dilute compared with when he owned Sagajuta through Generasi Cipta.

many empty vessels with many empty barges, takes just one strong man to bring those companies to a buyout

harvest next
n there goes the rc saga.....

Hahahaa....get RC to jump into Mitra....hehehehe[You must be registered and logged in to see this image.]

just need someone to backup to take him down like in "greed of man"