SINGAPORE - Mainboard-listed KTL Global said on Tuesday that Mr Khua Kian Keong, the Executive Director and Chief Executive Officer of Singapore-listed Vibrant Group, has emerged as a new substantial shareholder after increasing his stake in KTL Global to 6.68 per cent.
The rigging equipment and solutions provider for the offshore, oil & gas industries said Mr Khua bought 5.5 million shares of KTL on Tuesday through a married deal, bringing his total shareholding through direct and indirect interests to a total of 15.503 million shares.
Said Mr Wilson Tan, KTL Global CEO: "We welcome Mr Khua - an experienced businessman and corporate figure - as a substantial shareholder of the company.
"We will continue to position ourselves as a global leader in the ropes and rigging industry through scaling up the value chain. We have articulated a clear strategy to grow which we believe will continue to attract investors seeking value.
Earlier this month, KTL Global unveiled three key strategic thrusts for growth that included a major shift of operations from Singapore to lower-cost Johor. The group is also focusing on higher-value products and higher-margin services, deepening penetration in existing markets and extending its geographical footprint.