EHT's largest shareholder Frank Yuan pares stake to 10.69%

FRANK Yuan, the single-largest shareholder of Eagle Hospitality Trust (EHT), has sold 20 million stapled securities of the Mainboard-listed counter at US$0.53 apiece via a married deal. This translates to a total consideration of US$10.6 million. 

In a Friday bourse filing, EHT disclosed that Mr Yuan had pared his stake from 13 per cent to 10.69 per cent on Jan 13. The US$0.53 sale price represents a slight discount to US$0.535, Monday's closing price. Mr Yuan's stake is held via the entity Claydon Hill Investments. 

He had earlier sold five million stapled securities in EHT at US$0.55 apiece on Oct 25, also via a married deal. He had initially taken a 16.2 per cent stake in EHT by way of a placement during the IPO in May, more than any of EHT's cornerstone investors or its founders.   

In November, The Business Times reported that Mr Yuan is the chief executive of ASAP Holdings, which had sold EHT's sponsor six of the 18 hotels that eventually formed its IPO portfolio. But EHT maintained that there is no legal requirement to disclose their relationship. 

EHT's stapled securities closed flat at US$0.535 on Friday.