BORNEO OIL BHD BORNOIL (7036)
KUALA LUMPUR: Borneo Oil shares and its warrants advanced at midday on Wednesday amid a sharply weaker broader market, after the Hap Seng group raised its stake.
At midday, the shares were up 3.5 sen to 70 sen. There were 17.58 million shares done. Its warrants rose three sen to 54 sen with 2.13 million units traded.
The FBM KLCI fell 6.13 points to 1,827.41. Turnover was 1.52 billion shares done valued at RM1.06bil. Decliners hammered advancers 935 to 44.
Borneo Oil announced that Hap Seng Insurance Services Sdn Bhd, in which Tan Sri Lau Cho Kun and his holding company Gek Poh Holdings Sdn Bhd have controlling interest, had bought 51.248 million shares or 18.47%.
Before the acquisition, Bloomberg data showed that Victoria Capital Sdn Bhd held 13.56 million shares, or 9.66% stake, as of Aug 12.
In recent reports, Borneo Oil, whose core business is the franchise fast-food chain business under the brand name SugarBun, had planned to invest up to RM15mil in a new plant and equipment, as well as exploration works, in its new venture in gold-mining activities in Pahang.
