In addition to institutional interest, executive chairman Chua Beng Yong and CEO Yong Jiunn Run acquired 578,286 shares and 500,000 shares respectively. This has increased their effective equity stakes in the firm to 4.92% and 5.30% respectively.
Institutional investors including Amova Asset Management and Tokio Marine Life Insurance Singapore have snapped up shares in Beng Kuang Marine according to a May 6 announcement.
The shares were sold by Beng Kuang’s executive director Chua Meng Hua, who is also one of the founders of the company. Beng Kuang also shared that in relation to the share sale, Chua is “progressively” stepping back from his executive role and will remain with the company through the transition period.
