Thursday 13 October 2011

Tambun Indah Lost Major Shareholder: Why?

Back in early September 2011, Tambun Indah saw its third largest shareholder Dato Hong Yeam Wah exits the company completely. Hong disposed all his 19.85 million shares (8.98%) in Tambun Indah. I am not sure why, as I see Tambun Indah as an emerging company in Penang property sector with good potential.

The share price of Tambun Indah was not affected much by the sale. There is no explanation why he did so.

Hong is also a managing director of Tah Wah group, which I personally have not heard of before. Tah Wah group is involved in the sales of Premcourt who own a piece of land in Jelutong to Tambun Indah this year. Tambun Indah will likely develop the land next year into Straits Garden, a mixed development with commercial units and serviced apartment.

Recently Tah Wah launches a development project in Butterworth. I suppose it is their first ever project. It is a mixed development located at Bagan Ajam, comprises 61 units 3 storey shop offices, 138 units gated & guarded 3 storey terrace houses and a hypermarket (Tesco?). There will be another gated & guarded residential project in Bukit Mertajam as well.

     Orange avenue by Tah Wah

Tah Wah group is made up of 10 companies with each holding land banks in Penang. Thus, Tah Wah apparently becomes a competitor to Tambun Indah. Is it the reason why Hong disposed all his shares in Tambun Indah? Conflict of Interest?

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