NEWLY listed Heng Long International's managing director Koh Chon Tong has raised his deemed stake in the crocodile skin tannery.

Registered holder Heng Long Holdings, in which he has an interest, acquired 1.312 million shares in the open market at an average price of 32 cents apiece on Thursday last week.

On Tuesday, the same firm acquired another 178,000 shares in the open market at an average price of 29 cents apiece.

These purchases raised his deemed stake to 177.49 million shares, or 66.26 per cent of issued share capital.

This deemed stake comprises 161.49 million, or 60.26 per cent, in the company's shares held by Heng Long Holdings and another 16 million, or 6 per cent, held by CT Koh Holdings.

Mr Koh does not hold a direct stake in the company.

This transaction also raised the deemed stake of executive director Koh Choon Heong to 177.49 million shares, or 66.26 per cent of the company's issued share capital.

Heng Long, which made its trading debut last Wednesday, has fallen close to 20 per cent since then, despite a 3 per cent gain on the counter's first day of trading.

The stock lost 1.5 cents to 27.5 cents yesterday, on 1.84 million shares traded.

Heng Long raised $22 million in its initial public offer by selling 68 million new shares at 34 cents apiece. The proceeds will be used to secure more sources of supply, expand its facilities in Singapore and repay debt.