PSL

PSL: Controlling shareholder Mr Lee Cheng Peck and his brother (Mr Lee Tian Lye) have entered into a sale and purchase agr to dispose of 60m shares at $0.27 each to RES Holdings, a Sg priv co, approx 19.4% of total share capital. Mr Lee has also entered into a separate agr with a priv individual, Awaludin in which Mr Lee will have an option to sell and Awaludin, an option to buy 76.0m shares at $0.30, approx 24.6% of total share capital, subject to certain conditions...

His wife and his brother will also appoint UOB Kay Hian to place out 30.0m shares (9.7% of total share cap). After these transactions, Mr Lee will cease to be a controlling shareholder of PSL. The family’s stake is reported as approx 54% on Bloomberg and the total stake sold is 53.7% which effectively means the family has divested all of their holdings in PSL…

PSL last done was $0.285 after rising from $0.20 on 7 June and trades at trailing P/E 19.6x. Announcement also follows decision to invest into a coal mining business in Indonesia which could imply a possible change of business in the future.