Directors' Trades: NOVENA FOUNDER'S STAKE GETS DILUTED

By Gabriel Chen
May 9, 2007
The Straits Times

THE chief executive and founder of Novena Holdings has seen his interest in the Sesdaq-listed firm diluted following the issue of new shares.

The 27 million new shares were taken up by substantial investor Oei Hong Leong, through his private vehicle Oei Hong Leong Foundation, at 30 cents each, said Singapore Exchange filings on Monday.

This means chief executive Toh Soon Huat now has a total interest of 31.02 per cent, down from 37.93 per cent previously, or around 46 million shares.

Mr Oei in turn has increased his deemed interest from 8.5 per cent to 25.16 per cent, or 37.31 million shares.

'The issue of new shares would be to increase working capital and to look for new opportunities,' Mr Toh told The Straits Times yesterday. He remains the group's largest shareholder, followed by Mr Oei.

Earlier this year, Mr Oei, through his foundation, swopped his 20 million Tung Lok Restaurants shares for 10.3 million new Novena shares.

The Tung Lok stake gave Novena another slice of the consumer lifestyle segment to augment its interest in Apex-Pal International, the holding company of the Sakae Sushi chain.

In March, Novena said it would sell its furniture assets and business in an all-share transaction worth $13.5 million to TT International, which makes and sells the Akira range of electronic appliances.

Under the deal, TT will acquire Novena's seven brand names including Castilla Premium, Natural Living and The White Collection.