MBF in race against time on public share spread

Time is running out for MBF to comply with Bursa's public shareholding spread, even as Tan Sri Ninian Mogan Lourdenadin is busy snapping up shares in the open market.


Kuala Lumpur: Time is running out for MBF Holdings Bhd to comply with Bursa Malaysia's public shareholding spread, even as its major shareholder, Tan Sri Ninian Mogan Lourdenadin, is busy snapping up shares in the open market, fuelling speculation that he will make a second attempt in as many years to take the company private.

In July, the stock market requlator rejected an MBF application for more time to comply with the shareholding spread. MBF had asked for until year end to meet the requirement.

The minimum public spread in a listed entity is 25 per cent. As it stands, MBF's public spread is only about 14 per cent.

Mogan, however, isn't the only one buying MBF shares this year. Filings to the stock exchange showed that MBF's non-executive director Datuk Azizan Abdul Rahman had bought 160,000 MBF shares in the second half of this year to bring his shareholding in the company to 2.11 per cent.

Azizan is the second largest shareholder in MBF.

Mogan now owns 84.43 per cent in MBF, up from the 82.66 per cent he had on September 28. His stakes in MBF is now valued at more than RM380 million, based on the company's closing price yesterday.