Malaysian businessman Datuk Ishak Ismail has exited the property holding company Land & General Berhad (L&G), after British Virgin Islands-registered Unioncity Enterprises Ltd., associated with him, disposed of 60.64 million shares. Following the sale that took place on September 30, 2007, the BVI company reduced its stake to 23.68 million shares.
Unioncity Enterprises became a substantial shareholder of L&G in May 2007, after it acquired a 6.35% stake; on August 2007, it raised it to 84.31 million, or 14.09%, and became the single largest shareholder of the company. BVI company’s interests in L&G rose after Hong Kong-based property tycoon emerged as a substantial shareholder in the former, after he acquired an 8.35% stake through the company Mayland Parkview. In October, its stake has increased to 11.03%, and made 66 million shares.
There was a talk that Mayland Parkview and BVI-registered Unioncity could compete for control over the company.