Wan Azmi Wan Hamzah

Wan Azmi Wan Hamzah

Postby winston » Sun Jul 21, 2019 8:23 am

SELF-MADE MALAY BILLIONAIRE WAN AZMI EXPANDS HIS STOCK POSITIONS

Earlier in March this year, Wan Azmi re-emerged as a major shareholder in Eastern & Oriental Bhd (E&O). He had previously disposed of his entire shareholding in the property developer some six years ago.

He acquired a 9.09% equity interest in E&O via his vehicle, Sweetwater SPV Sdn Bhd, for RM127.6mil through a private placement exercise. Currently, he is the second largest shareholder of the company.


On July 18, after two days of strong speculation, it was announced that Wan Azmi has committed to invest RM21mil in the debt-laden Scomi Group Bhd He is set to become a substantial shareholder in the company via an upcoming rights issue as well as a proposed restricted issue announced two days ago.

The proposed exercises could see Wan Azmi ending up with as much as a 16.99% direct stake in the company or just 6.29%, depending on the take-up of the rights issue the company has planned.

At the moment, he already owns a 0.75% stake in the company.


According to Bloomberg data, the chartered accountant owns equity interest in at least five companies on Bursa Malaysia namely Rohas Tecnic (13.39%), E&O (9.09), Chuan Huat Resources Bhd (6.33%), Land & General (0.56%) as well as Scomi Group.


With regard to Wan Azmi increasing his stake in Scomi, sources believe that the company’s experience in monorail projects could be a pull factor, as the group would be able to partake in the RM46bil Penang Transport Master Plan, even when the financial statements of Scomi do not look good.

Apart from the continuation of many infrastructure projects, the government is also expected to announce more development projects moving forward. These could potentially benefit Scomi, given its previous track record.

“Wan Azmi’s close association with Tun Daim Zainuddin is likely to play a role and benefit Scomi. I believe there could be plans for some interesting corporate exercises and deals ahead,” says a source.


https://www.malaysia-chronicle.com/?p=169347
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