Lum Chang and other shareholders sell 29.5% stake in LCD Global Investments

All for a total of $93m.

Lum Chang Investments and other shareholders have sold a combined 29.5% stake in LCD Global Investments (LCD SP) (formerly known as LC Development) to privately-held JTrust Asia.

The sale involved 310m shares at $0.30 each for a total consideration of $93m.

According to a report by OSK-DMG, LCD Global will subsequently be renamed as JTrust International. The founding Lum Chang family has a residual stake of only 2.25% following the sale, held by Raymond and David Lum. 

OSK-DMG adds that as the stake sale is below the 30% threshold, the transaction will not result in any general offer for the remaining shares. JTrust Co, the parent company of the purchaser, is a finance and real estate group based in Japan, and intends to leverage on LCD Global’s hospitality network to set up base in Asia.

LCD Global was formerly the subject of a buyout offer by the Lum brothers, who offered $0.17/share. The stock soared above the offer price after sustained buying from Aspial Corporation’s CEO Koh Wee Seng pushed up the stock price.