Vitasoy climbs up to 10 percent as billionaire buys even more shares

Shares of Vitasoy International (0345) rose as much as 10 percent on Tuesday morning after Singaporean billionaire Philip Ng Chee-tat once again increased his stake in the company.

Kuang Ming Investments, owned by Philip Ng, bought 866,000 Vitasoy shares on February 5 at an average price of HK$8.69 per share, totaling HK$7.52 million, according to a filing.

This raises Kuang Ming Investments’ stake in Vitasoy to over 8 percent.

Ng has expanded his stake in Vitasoy mainly through Yeo Hiap Seng and Kuang Ming Investments.

Yeo Hiap Seng raised its stake in Vitasoy last October. Ng’s overall stake in Vitasoy increased to 12 percent within less than two months – giving him the right to convene a shareholders’ meeting – though the pace slowed after November ended.

With Kuang Ming Investments’ stake rising to 86.1 million shares, Ng’s total Vitasoy holdings increase to 143 million shares, or 13.3 percent of the company’s issued share capital, if Yeo Hiap Seng’s stake remains relatively unchanged.

Vitasoy International’s stock price hit a high of HK$9.90 on Tuesday, but the gain has since narrowed to around 4 percent, and is currently trading at HK$9.35.

STAFF REPORTER