Azure fund manager Terence Wong emerges as Trek 2000 substantial shareholder

He is acquiring a 7.3% stake in the company through a married deal at $0.12 per share.

Terence Wong Yew Chian, who runs the Azure Singapore Equity Fund, has emerged as a substantial shareholder of Trek 2000 International after acquiring a 7.3% deemed interest in the company.

According to a Form 3 filing, the stake is held through Azure Prime Fund VCC – Azure Singapore Equity Fund, in which Wong is listed as the fund manager. The acquisition involves 22.07 million Trek 2000 shares for a total consideration of $2.65m, or $0.12 per share.

The transaction was made through an off-market transaction, such as a married deal, under a share purchase agreement dated 11 May. The filing said completion of the agreement is still pending, and a separate disclosure will be made once the deal is completed.

Before the transaction, neither Wong nor Azure Prime Fund VCC – Azure Singapore Equity Fund held any voting shares in Trek 2000. After the acquisition, both were deemed interested in 22.07 million shares, equivalent to 7.3% of Trek 2000’s voting shares.

The notification was made to Trek 2000 on 12 May, with the acquisition date and date of awareness both listed as 11 May.

The 12-cent acquisition price was at a premium to Trek 2000’s then market price. The Trek 2000 shares closed at 12 cents on 12 May, up 10.48% for the day.

Other key shareholders of Trek 2000 include executive chairman Wayne Tan, who holds a 35.54% total interest; Osim founder Ron Sim with 9.3%; Creative Technology with 9.09%; and Kioxia Corp, formerly Toshiba’s memory business, with more than 17%, according to The Edge Singapore’s report.

Trek 2000’s revenue for FY2025 ended December fell 1.1% to $25.0m (US$19.6m), whilst earnings rose to $5.9m (US$4.6m) from $426,465 (US$335,000) on improved gross margins and other income, the report added.

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