PETALING JAYA: A block of 67.79 million S P Setia Bhd shares, believed to be owned by outgoing president and chief executive officer (CEO) Tan Sri Liew Kee Sin (pic), was transacted yesterday, finally rendering Liew with zero shares in the company.
The disposal coincides with Liew’s upcoming last day in S P Setia, which will be on April 30.
Stock market data showed the 2.76% stake in the property development company was traded off-market at RM3.95 a share. S P Setia ended the day one sen lower at RM2.91 on a value of 288,000 shares.
Last month, Liew had exercised his option to sell the remaining 67.79 million shares he held in the company to Permodalan Nasional Bhd (PNB).
In a filing with Bursa Malaysia on March 21, S P Setia said it had received a notice from Liew about exercising the shares under the put option dated Jan 20, 2012, requiring PNB to purchase from him 67.8 million shares, or three-sevenths of the shares he had held then.
S P Setia’s current deputy president and chief operating officer Datuk Voon Tin Yow will assume the post of acting president and CEO from May 1, 2014 to April 20, 2015, upon Liew’s exit.
There has been talk that Liew’s departure from S P Setia could pave the way for PNB, which owns a 64.13% stake in the company, to inject more property assets into S P Setia.
These would include PNB’s property assets held under Sime Darby Bhd and I&P Group Sdn Bhd.
PNB is also said to be looking for a successor to drive S P Setia forward.
There has also been much talk about Liew joining his son, Tian Xiong, who owns the majority shares in ECO WORLD DEVELOPMENT GROUP Bhd. Liew has so far kept mum on the subject.
Eco World is a relatively new property company that is headed by former S P Setia lieutenants.
Liew will remain chairman of Battersea Project Holding Co Ltd (BPHC) until September 2015. The £8bil (RM43.96bil) Battersea project is slated for completion in 2022.
BPHC is controlled by S P Setia and Sime Darby Bhd, with a 40% stake each, and the Employees Provident Fund with 20%.
Liew is also the managing director of Qinzhou Development (M) Consortium Sdn Bhd, a Sino-foreign joint-venture company to develop the China-Malaysia Qinzhou Industrial Park.
For the first quarter to Jan 31, 2014, S P Setia’s net profit was up 3.85% to RM96.78mil on the back of a 1.82% decrease in revenue to RM721.56mil. For the four months ended Feb 28, 2014, S P Setia’s total group sales stood at RM1.83bil. It currently has total unbilled sales of RM9.64bil.