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Stephen Lee Keng divests from Anchor Land as British sons take over

Bilyonaryo Stephen Lee Keng has sold all his personal stake in the property development firm he founded 16 years ago.

The divestment came a month after he resigned as chairman of Anchor Land and turned over control of the company to his two British sons.

RELATED STORY: Anchor Land founder Stephen Lee Keng quits, British millennials take over

Lee sold 15.6 million shares at P8.15 each or a total value of P127.14 million on July 30.

The bulk of the shares (15 million) were acquired by Charles Stewart Sze Lee, who was elected as Anchor Land’s new chairman. Charles’ brother, Anchor Land director Clinton Steve, bought the remaining 600,000 shares.

Their mother, Cindy Sze Mei Ngar, holds a 15 percent stake in the firm.

The other top investors of Anchor Land are the Sy-blings’ Sybase Quity Investment Corp. (19.5 percent) and LTC Prime Holdings Corp. (34.65 percent).

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