WELL, Revenue Group Bhd, did THREE things actually. The first being, Revenue Group Bhd READ : paid a steep premium to Hong Seng Consolidated to buy a 51 per cent stake in Innov8tif.
SECOND , Revenue Group, READ :sought approval from the stock of exchange to raise as much as RM50 million via a private placement exercise.
THE third thing which Revenue Group Bhd did was to VIEW : bought 57 million shares in a PLC , controlled by Victor Chin Boon Long's wife.
MEET Ingenieur Gudang Berhad, the shares which Revenue Group, bought some time on Feb 2024. Revenue Group now owns more than three per cent of ingeniur and is among the 20 largest shareholders in the company.
LOOKS like Victor Chin Boon Long and his subordinates are playing musical chair with their money , with Leong Seng Wui being given money from another Chin Boon Long company to buy into Hong Seng Consolidated Bhd.
One suspects,Victor Chin Boon Long's RM50 million line is not thick enough to cover him from on going stand storm.
