China-based Brian Chang (he was born in South Africa) was in the 70s and 80s one of Singapore’s most famous entrepreneurs, building a major offshore marine business. He ran into a spot of bother and relocated to China where he rebuilt his fortune again and again in the offshore marine sector.
So in late 2007, when his son, Malcolm, took a 29.5% stake in very thinly traded and capitalised Wepco, there was speculation that the Changs would use Wepco to list some offshore marine assets. Nothing happened until Monday
Wepco announced that it iwas acquiring real estate firm HSR in a reverse takeover. Patrick Liew and Kellie Lim, who own 100 per cent of HSR, will sell their entire stakeholding to Catalist-listed Wepco Ltd for S$40 million. Wepco will issue some 80 million consideration shares at a price of 50 cents per share.Mr Liew and Ms Lim will own 83% of Wepco’s enlarged share capital.
Malcolm Chang bought into Wepco at around 60 cents, so he must be hoping that the new Wepco will attract investor interest.