KUALA LUMPUR: Borneo Oil Bhd (BornOil) executive director Datuk Joseph Ambrose Lee has emerged as the company's largest shareholder with a block purchase of 1.25 billion BornOil shares.
In a filing to Bursa Malaysia today, the company said Joseph had made the purchase for RM110 million, or RM0.088 per share.
"BornOil has a solid asset base. Its net tangible asset is RM0.11 per share with total assets of RM824 million against total liabilities of just RM56 million," Joseph said, adding that he was pleased to have finally concluded the acquisition.
The company is lowly geared with just under RM20 million of short term and long term borrowings with a comfortable cash position.
"What's more, it also has a long term growth strategy and business philosophy of sustainable existence," he said.
BornOil's shareholder base has also jumped from less than four thousand shareholders in 2015 to more than twenty-two thousand in 2021.
Since early September 2021, Joseph has been progressively increasing his stake in the company almost daily.
BornOil posted a net profit of RM28.51 million for the financial year 2021.
It also posted a net profit of RM3.78 million for the first quarter of the financial year 2022.