Teng, who founded Ban Leong 30 years ago, added to his interest recently. On Dec 1, he acquired 10,400 shares on the open market at 36.5 cents each, bringing his direct stake to around 26.79 million shares. His wife, Teo Su Ching holds another 3.52 million shares. This gives Teng a total interest of just over 30.3 million shares, equivalent to 27.25%.
Ban Leong Technologies, a distributor of IT products, is steadily buying back its shares at a time when Ronald Teng Woo Boon, the company’s managing director and controlling shareholder, is raising his stake. The most recent buyback by the company was the acquisition of 600,500 shares on the open market on Dec 29 at between 34 to 35 cents each.
This brings the cumulative number of shares bought back under the current mandate to nearly 1.91 million units, equivalent to 1.703% of the total share base. Earlier buybacks were made on Dec 14, 19 and 31 with 174,000 shares at 35 cents each; 200,000 shares at 34.5 cents each and 163,300 shares at 34 cents each respectively.
