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NewsHot Stock Borneo Oil rises 2.3% after Lau Cho Kun emerges as substantial shareholder
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Hot Stock Borneo Oil rises 2.3% after Lau Cho Kun emerges as substantial shareholder
by Cals Wed 08 Oct 2014, 22:57
| Hot Stock Borneo Oil rises 2.3% after Lau Cho Kun emerges as substantial shareholder |
| Business & Markets 2014 |
| Written by Supriya Surendran of theedgemalaysia.com |
| Wednesday, 08 October 2014 11:27 KUALA LUMPUR (Oct 8): Borneo Oil Bhd rose 1.5 sen, or 2.3% to 68 sen on news Tan Sri Lau Cho Kun has emerged as a substantial shareholder in the diversified entity. This followed Lau's acquisition of 53.1 million shares or a 19.12% stake in the firm. Borneo Oil had earlier risen as much as 3.5 sen or 5% to hit 70 sen but fell back to 68 sen at 10.56am. The company, which is in the franchise fast-food chain business under the "SugarBun" banner, also undertakes oil and gas related operations. A remisier told theedgemalaysia.com that the market was seen to be reacting positively to news of the new substantial shareholder in Borneo Oil. “Its recent corporate exercises, which included the diversification of its core businesses to include mining and related activies, could also be seen as a trigger,” said the remisier. It was reported recently that Borneo Oil plans to invest RM15 million in a new plant and equipment, as well as exploration works in its new gold mining venture in Pahang. |
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