Iconic chairman Tan raises equity in Sanbumi

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

PETALING JAYA: Sanbumi Holdings Bhd said Datuk Tan Kean Tet, the chairman of Penang-based property developer Iconic Group Sdn Bhd, is acquiring a substantial stake in the company.

Sanbumi, in a filing with Bursa Malaysia, said the company had entered into a conditional share subscription agreement with Tan for the placement of 22.6 million new shares at 17.3 sen each.