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Notable Trade Lau Cho Kun emerges new substantial shareholder of Borneo Oil
by Cals Tue 07 Oct 2014, 23:38
| Notable Trade Lau Cho Kun emerges new substantial shareholder of Borneo Oil |
| Business & Markets 2014 |
| Written by Shalini Kumar of theedgemalaysia.com |
| Tuesday, 07 October 2014 19:08 KUALA LUMPUR (Oct 7): Tan Sri Lau Cho Kun has emerged as a substantial shareholder in Borneo Oil Bhd, following the acquisition of 53.1 million shares or a 19.12% stake through indirect interest. Cho Kun is the nephew of the late Tan Sri Lau Gek Poh, who founded the Hap Seng group. In a Bursa Malaysia filing this evening, Borneo Oil said Cho Kun was deemed interested by virtue of his direct interest in Gek Poh (Holdings) Sdn Bhd — which has a 18.47% stake — via its subsidiary Hap Seng Insurance Services Sdn Bhd. Hap Seng Insurance acquired 51.2 million shares on Borneo Oil on Oct 3. The price of the transaction was not stated. It was reported recently that Borneo Oil plans to invest up to RM15 million in a new plant and equipment, as well as exploration works, in its new venture in gold-mining activities in Pahang. The company’s current core business is the franchise fast-food chain business under the brandname SugarBun. Borneo Oil closed flat at 66.5 sen today, with a market capitalisation of RM183.2 million. |
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