Hong Leong’s Quek completes stake buy in Alam Maritim

by **Cals** Fri 13 Jun 2014, 02:35

Business & Markets 2014

Written by Janice Melissa Thean of theedgemalaysia.com

Thursday, 12 June 2014 10:08

KUALA LUMPUR: Banking tycoon Tan Sri Quek Leng Chan and his associate, Paul Poh, have bought local offshore support vessel (OSV) player Alam Maritim Resources Bhd in a private placement that gives them a collective 13.57% stake in the company.

In separate announcements to Bursa Malaysia yesterday, it was revealed that Quek, via his privately-held vehicle Associated Land Sdn Bhd, had acquired 60 million shares at RM1.35 apiece on June 5.

On the same day, Poh purchased 63 million Alam Maritim shares at the same price through his privately-held Caprice Capital International Ltd.

The private placement will raise RM166.05 million which Alam Maritim has said it will use to buy an OSV and pare down its debts. Its borrowings stood at RM539.77 million as at end-March 2014.

Alam Maritim’s share base will increase to 924.46 million shares from 801.46 million shares. Its gearing will decrease to 0.67 times from 1.05 times currently.

Following the transaction, Quek has a 6.49% stake in the company, while Poh holds 7.08%.

Collectively, both of them have overtaken Lembaga Tabung Haji as the second-largest shareholder in the company with its 10.39% stake as at March 20.

Alam Maritim’s largest shareholder remains its managing director and chief executive officer Datuk Azmi Ahmad, with a 43.49% stake.

This article first appeared in The Edge Financial Daily, on June 12, 2014.