WE Holdings

WE Holdings: controlling sh/h and directors, comprising Mr Sim Mong Keang and Mr Chng Weng Wah, have agreed to sell their combined 29% stake in the co to Mr Eric Ee Huat Kiang. The aggregate consideration of $2.15m for 148.3m shares translates to a transaction share price of 1.45cts/sh. This compares with the counter’s last traded at 4.4cts. Mr Ee is currently an executive director of Global Linked Digital International Co (GLD), a private company dealing with sales of electronic products, IT R&D, ODM and OEM, in Hong Kong and China. He has been a director of GLD since Jan ‘06 and is responsible for investments, mergers and acquisitions, strategic planning, corporate finance and international sales and marketing. Separately, the co had entered into a loan agreement with an independent individual, Mr Kuang Xue Guang, for US$4m. The interest rate shall be 6% pa, payable two yrs from drawdown date. The loan shall be sued fro partial repayment of amounts owed under an existing Facility Agreement, and/or working capital . WE Holdings was loss making in 1HFYMar13. It trades at 13x P/B. The stock is -21.4% at 4.4cts.