Daim’s son takes $4m stake in Asiasons WFG
Mohd Wira Dani Bin Abdul Daim, son of former Malaysian finance minister Daim Zainuddin, is making a $4 million investment in Singapore-listed Asiasons WFG Financial.
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By LYNETTE KHOO
20 March 2012
Mohd Wira Dani Bin Abdul Daim, son of former Malaysian finance minister Daim Zainuddin, is making a $4 million investment in Singapore-listed Asiasons WFG Financial.
The corporate finance and investment firm said yesterday that its controlling shareholder, Asiasons Investment, signed an agreement on March 16 to sell 32 million shares or a 17.8 per cent stake to Venaton Holdings, an investment vehicle held by Mr. Wira, at 13 cents per share.
Mr. Wira is also a non-executive director of Singapore-listed LionGold Corp (formerly called Think Environmental) and a former deputy chairman of Catalist-listed Magnus Energy Group.
The completion of the share sale agreement shall be within seven market days of the date of the agreement, subject to approvals from the relevant regulators, shareholders and other third parties.
Prior to this transaction, Asiasons Capital - which owns Asiasons Investment - had a total stake of 50.4 per cent in Asiasons WFG. The proposed disposal will result in Asiasons WFG ceasing to be a subsidiary and becoming an associate of Asiasons Capital.
Asiasons WFG chairman Mohammed Azlan Bin Hashim, CEO Ng Teck Wah and non-executive director Jared Lim Chih Li are also directors of Asiasons Capital. Mr. Azlan and Mr. Lim are substantial shareholders of Asiasons WFG, Asiasons Investment and Asiasons Capital Ltd.
Asiasons WFG said yesterday that the transaction was not expected to have any material impact on its net tangible assets and earnings per share for the current financial year.
Last December, Asiasons WFG’s wholly-owned unit Asiasons WFG Securities (which is not a member firm of the Singapore Exchange) stopped all business because it could not maintain certain financial ratio requirements under its Capital Markets Services (CMS) licence.
It has since sought further assistance from its internal auditors KPMG Services in an internal inquiry into the maintenance lapses and is slated to share the findings with the Monetary Authority of Singapore.