Tan Sri Abu Sahid Mohamed said he could increase his stake in Scomi Group Bhd as he believes that the company is undervalued.
Abu Sahid, who owns 6.8 per cent stake in Scomi, however, looks to be staying for the long run. The tycoon last bought Scomi shares on March 19 2013 when he acquired some 1.19 million shares.
Shah Hakim is also a key shareholder of Scomi Group.
To recap, Abu Sahid had disputed IJM Corp Bhd's emergence as a shareholder in Scomi, citing that it will dilute the stake of current shareholders.
IJM's entry into Scomi is said to have the backing of Shah Hakim. Under the deal, Scomi would issue RM110 million worth of convertible debt to IJM, which, upon conversion, would see the construction company owning 24.3 per cent of Scomi.
The convertible debt proposal went ahead after gaining shareholders' approval.
He is quitting as Avalon Minerals Ltd chairman. Abu Sahid had bought into Avalon, a company listed on the Australian Stock Exchange, in 2008 and controls about 11 per cent of its shares. However, he has no plans to hive off his stake in the Australian company as he is betting that the mineral exploration company will deliver in the long run.
Abu Sahid, who owns 6.8 per cent stake in Scomi, however, looks to be staying for the long run. The tycoon last bought Scomi shares on March 19 2013 when he acquired some 1.19 million shares.
Shah Hakim is also a key shareholder of Scomi Group.
To recap, Abu Sahid had disputed IJM Corp Bhd's emergence as a shareholder in Scomi, citing that it will dilute the stake of current shareholders.
IJM's entry into Scomi is said to have the backing of Shah Hakim. Under the deal, Scomi would issue RM110 million worth of convertible debt to IJM, which, upon conversion, would see the construction company owning 24.3 per cent of Scomi.
The convertible debt proposal went ahead after gaining shareholders' approval.
He is quitting as Avalon Minerals Ltd chairman. Abu Sahid had bought into Avalon, a company listed on the Australian Stock Exchange, in 2008 and controls about 11 per cent of its shares. However, he has no plans to hive off his stake in the Australian company as he is betting that the mineral exploration company will deliver in the long run.
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