Simon Cheong, the major shareholder in listed land developer AVJennings, has cashed in a further parcel of his holdings in the company to small share punters. Through his Singaporean company Blu Inc, Cheong sold some 1.3 million shares, pocketing $A2 million at an average price of $1.55. Cheong still owns around 87 million shares, out of a total of 215,226,332 million. Over the past six months, AVJ shares have fluctuated in price from 89 cents to $1.71 on very small, but ‘timely’ share trades. Its share price is currently around the $1.60. The company reported a near-doubling of net profit for the year ended March 31 to $56.8 million. AVJ has touting itself as a major player in the Australian property market hoping to influence major institutional backing to enable it to further expand into more diverse markets. However, as yet institutions have been wary due to the fluctuating fortunes of the property market. AVJennings sells some 3000 blocks of land each year – about 0.5% of the 700,000 blocks of land sold in the Australia each year. The company presently holds around 7,800 blocks after a recent major land purchase in outer Melbourne.
AVJ director pockets money
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