Mr Gay is taking up 8 m shares at 35 cents apiece for a total of $2.8 m, according to a Mencast announcement yesterday evening.
Between 2001 and 2006, he was the CEO of 2G Capital, a private investment company that he co-founded.
He sits on the Board of Hyflux Limited – whose stock has become a multi-bagger for him as he had invested in it shortly after its IPO.
Mr Gay is also a member of the Board of Governors of Raffles University, a member of the Entrepreneurship Committee, National University of Singapore, and an Advisory Board member of Temasek Polytechnic.
Other major buyers of the 15.5 million placement shares (which will reap $5.4 million in net proceeds for Mencast) are:
* Ramesh Chandiramani (2.3 m shares). He runs Forte Capital.
* Leow David Ivan (1.2 m shares): Chief Financial Officer of Ufinity. He was previously Director of Business Development for Sir Richard Branson's Virgin Group, VP of DBS Private Equity Fund, and Associate Director of Research at HSBC Securities.
* S C Wong Holdings Pte Ltd (1,006,600 shares): This company held 16% of Design Studio Manufacturer until its takeover recently by Depa.
* Fong Teck Loon (1.2 m shares): He is chairman of Afor Limited, a Singapore-listed retailer specialising in the sale of Apple brand products and its complementary products.
The Mencast announcement on the share placement is here.
NextInsight is organizing a visit for readers to Mencast. Find out more about the business which Gay Chee Cheong and others are investing in. Click MENCAST: 'Come meet our management, tour our facilities, have a Q&A session and ...lunch'
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