Tan, 57, the founder and chairman of Iconic Group Sdn Bhd is the father of Tan Cho Chia, an executive director of the company.
According to filings with Bursa Malaysia, Tan had emerged as the substantial shareholder of Sanbumi in January 2019 after the completion of the private placement to subscribe for 22.63 million new ordinary shares in Sanbumi, representing 10% of the existing total number of issued shares in Sanbumi Holdings at that time.
The fund raised from the private placement has been allocated for the working capital of Sanbumi Holdings. Currently, Tan owns a direct interest of 16.9% and indirect interest of 3.2% in Sanbumi Holdings.
“We would like to welcome Tan onboard and look forward to leveraging on his experience in property development as well as hotel development and management to transform Sanbumi into a significant player in the property industry.
“Iconic Group under his stewardship has become a reputable and outstanding developer in the northern region, and we believe that his innovative thinking and far-sightedness will be crucial in moving the company forward,” Sanbumi said in a statement.
Earlier, Sanbumi’s wholly-owned subsidiary, Sanbumi Sawmill Sdn Bhd, has signed a joint-venture agreement with Iconic Development Sdn Bhd, to develop a plot of land in Penang with a gross development value of RM127mil.
Sanbumi said the agreement would entail the development and construction of a commercial project called Iconic Point, in Seberang Prai Selatan.
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