VCPlus’ controlling shareholder sells 20.7% stake for $1.5 mil

Lim Beng Chew sold 1.03 billion shares to executive director Tang Zhengming “for personal reasons”.

VCPlus’ controlling shareholder Lim Beng Chew has sold 1.033 billion shares representing 20.657% of his stake in the company to Tang Zhengming, an executive director of the company.

Tang was appointed to her role on March 1. On VCPlus’ website, Tang is a businesswoman with “extensive experience in business and operations”. She previously held a senior executive position in Shanghai-listed Jiahe Food Industry.

Lim netted $1.47 million from the sale, or 0.142 cents per share. Following the conclusion of the sale on June 27, Lim’s stake in the company was lowered to 4.029% from 24.686% previously. Tang’s stake was raised to 24.657% from 4% previously, making her the controlling shareholder of the company.

According to a release dated June 28, Lim sold part of his stake “for personal reasons”. The share sale was carried out via an off-market transaction.

It adds that since her appointment, Tang has led the streamlining of the main existing business operations in APEC Solutions, the group’s digital marketing business unit. She will look to introduce more products and services to APEC’s existing and new corporate clients.

The company says it also remains “positive” on the outlook of its fintech business unit, Custody Plus with the increased regulatory requirements for token issuers and hedge funds to store their digital assets with independent custody solution providers set to benefit the unit.

Shares in VCPlus closed flat at 0.2 cents on June 28.