Swiss entity, Volare Group AG, has emerged as the second largest shareholder at engineering and construction group, BBR Holdings (SGX:KJ5
) .
In the July 14 filing, Volare has acquired a total of 43 million shares on both July 10 and July 13 at a price of 30 cents per share. The total consideration amounts to $12.9 million. This resulted in their stake in the engineering and construction group to increase from the previous 1.35% to 14.69%.
Back in July 13, BBR Holdings announced that its previous controlling shareholder, BBR Holding AG and executive deputy chairman, Andrew Tan Kheng Hwee, has disposed substantial stake to activist investor Quarz Capital, which resulted in the latter increased its stake in the company to 15.09%.
With the latest filing, Quarz Capital has emerged as the single largest and controlling shareholder at BBR Holdings followed by Volare Group AG.
Shares of BBR Holdings closed 1.5 cents higher, or 6.82% up at 23.5 cents on July 14.
