Veteran investor now DeClout's 2nd largest shareholder

Businessman Melvin Poh has become the second-largest shareholder of Catalist-listed DeClout after buying the entire 11.8 per cent stake of Ms Wong Poh Leng for $9.2 million.

He acquired 78.15 million shares in DeClout, a holding company for technology firms, from Ms Wong in an off-market transaction on April 17. The acquisition price of 11.8 cents a share represents a premium of 35.6 per cent over DeClout's closing price of 8.7 cents on April 13. That was the last market day on which shares traded before the transaction, DeClout said yesterday.

Mr Poh next acquired 2.7 million shares at an average of nine cents apiece on the open market from April 18 to 20. He now holds 80.8 million DeClout shares or a 12.19 per cent stake, second only to founder and executive chairman Vesmond Wong, who holds a 12.24 per cent stake. Mr Wong is not related to Ms Wong Poh Leng.

Mr Poh is the founder and managing director of Singapore property developer the Fission Group. He is also an independent, non-executive director and second largest shareholder of mainboard-listed AusGroup, a construction services company.

He said in a statement: "I have studied the recent developments of the company, which is clearly at an inflection point. "I made the investments as I saw an opportunity for growth. The management under Vesmond Wong has the proven capability to execute DeClout's unique business model to identify and unlock value in niche IT businesses."

A version of this article appeared in the print edition of The Straits Times on April 24, 2018, with the headline 'Veteran investor now DeClout's 2nd largest shareholder'. Print Edition | Subscribe