Business News

Chief executive increases stake in Scicom

Saturday, 14 September 2013

Ariyanayakam bought 17.99 million shares from Telin, raising his interest to 17.71% from 11.6%.

Ariyanayakam bought 17.99 million shares from Telin, raising his interest to 17.71% from 11.6%.

PETALING JAYA: Scicom (MSC) Bhd chief executive officer Leo Ariyanayakam has picked up almost a third of PT Telekomunikasi Indonesia International’s (Telin) 21.27% stake Scicom following a selldown by the Jakarta-based firm.

Stock exchange filings showed that Telin, a subsidiary of major Indonesian telco PT Telekomunikasi Indonesia Tbk, cashed out of its entire holdings in Scicom of 62.99 million shares at 49 sen apiece on Monday, a few days after it disposed of 25 million shares on Sept 6, also at 49 sen.

Ariyanayakam told StarBizWeek over the phone that he took up the offer for 17.99 million shares from Telin when it decided to sell, raising his interest to 17.71% from 11.6%.

While Ariyanayakam declined to comment on why Telin sold out of Scicom, he said he bought the shares as he believed in the long-term prospects of the business processing outsourcing solutions firm.

“Scicom also pays a good dividend,” he said, adding that he did not take up all of Telin’s holdings due to a lack of funds.

Scicom chairman Krishnan Menon also acquired 20 million shares from Telin via his vehicle Netinsat Asia Sdn Bhd at 49 sen apiece. His stake in Scicom is now 23.49%.

However, it is not known who took up the remaining 50 million shares hived off by Telin on Sept 6 and 9, which together account for a sizeable 17% of Scicom.

“I’ve asked for the shareholding changes today (yesterday), which I should receive by Tuesday,” Ariyanayakam said.

He said he was not worried if a new substantial shareholder emerged in Scicom. “We are a public company,” he added.

Lembaga Tabung Haji also ceased to be a substantial shareholder after it sold 550,000 shares.

Scicom was up 20% for the year to 48 sen yesterday.

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