A NEW substantial shareholder has emerged at Ellipsiz Ltd -- David Lum Kok Seng, the managing director of Lum Chang Holdings.
David bought 100 m shares from Ellipsiz chief executive Chan Wai Leong for S$15 million.
With that, Mr Lum raised his stake from 2.35 per cent to 20.44 per cent on April 5. Mr Chan's stake was pared from 19.79 per cent to 1.7 per cent. Will he remain as CEO ?
The sudden divestment by Mr Chan was unexpected given that he was recently seen shoring up his stake in Ellipsiz in off-market transactions.
Will David Lum take over management of Ellipsiz? Seems unlikely -- what does he know about this business? In the first place, why is he taking such a big interest in Ellipsiz? No one has yet given a meaningful answer.