Yeah Hiang Nam, executive chairman of Valuemax Group, and his wife, Tan Hong Yee, have sold 34.8 million shares at $1.16 to a group of investors. Following the sale, they retain a controlling stake of 81.53%. According to the company's FY2024 annual report, as at March 10 2025, Yeah held a deemed interest in 85.09% of the shares.
The investors that have forked out $40.37 million to buy these shares include abrdn Asia, Amova Asset Management Asia, Avanda Investment Management, and ICH Synergrowth Fund.
The selling price of $1.16 is a discount of around 6.5% to the Feb 24 closing price of $1.24.
The sale was managed by Oversea-Chinese Banking Corporation.
According to Valuemax, the deal was "strategically" undertaken to diversify and institutionalise its shareholder base.
The company says this transaction will help broaden minority shareholder representation, and is expected to improve the trading liquidity and free float of its shares, which also supports the company in meeting the eligibility criteria for inclusion in indexes such as the iEdge Singapore Next 50 Index.
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Valuemax also notes that as these are vendor shares and not placement of new shares, other shareholders are not diluted.
Supported by record gold prices, Valuemax Group's share price has gained more than 150% in the past one year.
