Tuesday, 5 August 2008

New shareholders control 20% of Kejuruteraan Samudra Timur

A group of new shareholders at oil and gas company Kejuruteraan Samudra Timur Bhd (KSTB) has amassed about 20% equity in the company, shareholding changes to Bursa Malaysia show.

The new group, linked to security company Safeguards Corp Bhd, control vehicles such as Virtual Sphere Sdn Bhd, Trance Equity Sdn Bhd and Central Portfolio Sdn Bhd, which collectively have about 20% equity in KSTB.

Privately held Virtual Sphere has 7.9% equity in KSTB. Virtual Sphere’s shareholders are Green Bondage Sdn Bhd, Wong Chiew Har and Lee Fong Chor.

Green Bondage has 80% equity in Virtual Sphere. Green Bondage’s shareholders include Lisa Khong May May and Lee Fong Chor, while its board includes Leong Chee Keong, who was appointed to KSTB’s board in November last year. Leong is also the chief executive of haulage and transportation company Safeguards Oceanic Holdings Sdn Bhd, in which Safeguards has 60% equity.

Virtual Sphere made an announcement of its substantial shareholding at the end of July, as did another company, Trance Equity, which announced a substantial stake of 7.2% in KSTB.

Trance Equity’s shareholders are once again Khong and Lee and one Mohd Yusuf Nurin. Mohd Yusuf was also a director of Safeguards.

According to KSTB’s annual report, another company, Central Portfolio Sdn Bhd has about 4.9% equity in KSTB.

Source : The Edge