SGX-Catalist-listed CCM Group reveals its 2nd largest shareholder

Mr Chan Heng Fai injected $3m.

According to a release, SGX-Catalist-listed CCM Group Limited announced that Hengfai Strategic Investment Pte. Ltd. (“HSIPL”) which is led by Mr Chan Heng Fai, a corporate restructuring expert with deep experience in real estate, has invested S$3.0 million in new CCM shares to emerge as the second-largest shareholder of the home-grown construction specialist.

CCM, a Class-A main contractor which has built numerous residential, commercial and hotel buildings in Singapore, said it has placed out 35 million new shares at S$0.086 per share to HSIPL, a private investment holding controlled by Mr Chan Heng Fai, a Singaporean.

The share price represents a discount of 4.4% to the volume weighted average price of CCM shares traded on the SGX between April 10 and April 12, when the placement agreement was signed.

The net proceeds of approximately S2.7 million will be used as working capital for the Group.

Post-placement, Mr Chan Heng Fai will hold 27.5% of the enlarged share capital base of 127.2 million shares, the second-largest after the combined deemed 42.8% held by Mr Joseph Liew – the Executive Chairman and Chief Executive Officer of CCM – and his family.

HSIPL will be granted two board seats in CCM following completion of the placement.