Johor Sultan ups stake in REDtone

A file picture shows shoppers trying out Wi-Fi service provided by REDtone at a mall in Penang. REDtone hopes to further expand its business in Johor to capitalise on the economic growth of the state.

PETALING JAYA: Johor’s Sultan Ibrahim Sultan Iskandar has emerged as the single-largest individual shareholder in REDtone International Bhd following a spate of open-market purchases, coupled with the conversion of his warrants and convertible loan stocks into ordinary shares.

The recent activities have boosted his holdings in the company to 20% from 4.8% previously.