Cheang Phoy Ken acquired 10.98% stake in Integrated Rubber Corporation Bhd (KLSE:IRCB) from Chip Lam Seng Enterprise Bhd. for MYR 9.8 million in cash on January 3, 2013. Under the terms of the transaction, Cheang Phoy acquired 65 million shares at MYR 0.15 per share, or 10.98% stake from controlling shareholders who are also Directors of Integrated Rubber, whose stakes are held through Chip Lam Seng. The sellers include Tan Keng Beng, the Managing Director and Tan Koon Poon and Tan Loon Guan, the non-executive Directors. Koon Poon and Loon Guan resigned as Directors of Integrated Rubber, following the disposal of their stakes.

Cheang Phoy Ken completed the acquisition of 10.98% stake in Integrated Rubber Corporation Bhd (KLSE:IRCB) from Chip Lam Seng Enterprise Bhd on January 3, 2013.