Aaron Chen becomes Seal new substantial shareholder

PETALING JAYA: Aaron Chen Khai Voon will emerge as Seal Incorporated Bhd’s new substantial shareholder following the inking of a new placement deal between the two parties.

In a statement yesterday, the builder-cum-property developer revealed that the deal would see the subscription of 62.29 million new Seal shares or 20% of the total number of the group’s issued shares by Chen at 26 sen apiece.

He will become Seal’s new major shareholder with a 16.67% stake of the company’s enlarged 373.73 million issued shares.

Seal will raise RM16.19mil from this deal.

The group planned to utilise the proceeds for acquisition or investment in new viable businesses whereby the company is eyeing renewable energy-related businesses.Seal executive director Nixon Koay Shean Loong welcomed Chen’s equity participation as a strategic investor.

“We are looking to work with him to leverage his rich experience in managing diversified businesses. We look forward to Chen’s valuable advice, guidance and insight on our potential venture into the renewable energy sector,” he said.

In a filing with Bursa Malaysia, Seal said it saw avenues to develop a more resilient business model and generate more consistent revenue and profits, having witnessed the effects of the Covid-19 pandemic on global economies and businesses, including its own.

“In this regard, the board and management of Seal have been trying to realign the strategic direction of the group to improve business resilience and measures being considered to date, including venturing into other viable businesses to diversify the group’s revenue stream.”

Additionally, Seal said it is undertaking a mixed development project on a piece of freehold land measuring 3.8 acres in Penang with a gross development value of RM650mil.

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