KUCHING: The Yu family has raised its stake in Hock Seng Lee Bhd (HSL) by some 25% to more than 84% after several major acquisitions worth RM145.3mil recently.

       The Yu family’s holding company, Hock Seng Lee Enterprise Sdn Bhd (HSLE), increased its equity interest in the Sarawak’s leading marine and civil engineering and construction firm to 77.44% following the acquisition of about 99.88 million shares (18.18%) for RM134.8mil or RM1.35 per share on Dec 27.

       On the next day, HSLE acquired an additional 4.289 million shares (0.8%) for about RM5.93mil, according to HSL’s filings with Bursa Malaysia.

       HSL Logo

       HSL managing director Datuk Yu Chee Hoe’s direct stake in the company rose to 5.36% after he purchased 2.798 million shares via a married deal for RM2.74mil and another 1.81 million shares for about RM1.78mil last month.

       Second largest shareholder Amanahraya Trustees Bhd-Amanah Saham Bumiputera disposed of its entire stake of about 52.486 million shares (9.55%) on Dec 27, 2021.

       Last Thursday, HSL was notified of changes of direct and indirect interests by HSLE, Yu and Tang Sing Ngiik (mother of HSL executive director Tony Yu Yuong Wee) that their collective shareholdings in the company now stand at 84.19%.