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Wednesday, October 8, 2014

New substantial shareholder for Borneo Oil Bhd (Edge)

Borneo Oil Bhd, whose core business is the franchise fast-food restaurant chain under the brand name SugarBun, saw Tan Sri Lau Cho Kun @ Lau Yu Chak become its substantial shareholder today.

Hap Seng Insurance Services Sdn Bhd, a unit of Gek Poh (Holdings) Sdn Bhd, which in turn is controlled by Lau, had on Oct 3 (last Friday) acquired 51.248 million shares or 18.47% stake in Borneo Oil, a filing to Bursa Malaysia revealed this evening.

Some 36.248 million shares were purchased through private placement, while the remaining 15 million shares were bought through direct business transaction.

Lau is the nephew of the late Tan Sri Lau Gek Poh — the low-profile founder of the Hap Seng group.

Hap Seng Consolidated Bhd, Hap Seng Plantations Bhd and the Hong Kong-based Lei Shing Hong are the flagship companies that house the Lau family businesses.

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