A statement by i-Stone on Wednesday said he acquired the stake, comprising of 329.61 million shares, from One United Equity Sdn Bhd on the previous day.
Based on the closing price of 31 sen on Tuesday, the stake was worth RM102.18mil but the statement did not disclose the price at which the shares were transacted.
“Investing into i-Stone is a long-term business strategy to leverage on the technologies of Industry 4.0 such as automation and big data with new inroads to be made through jointly marketing its products not just among larger companies but also mid-sized ones, ” he said.
He viewed i-Stone’s high levels of product customisation and technical sophistication as providing new avenues for tapping into the food and beverage, oil and gas and automotive industries besides the electrical and electronics industry.
i-Stone managing director, Rebecca Tee said Awang Daud brings with him substantial experience through his own business interests in technology, manufacturing and O&G.
“We see many opportunities through tie-ups and joint ventures with him, ” she said.
Besides i-Stone, Awang Daud is also a major shareholder of Minetech Resources Bhd. He is also chairman of ADAP4orty Global Sdn Bhd, a privately-held group with interests in quarrying, retail, F&B, O&G, technology and realty.
i-Stone said following latest transaction, One Equity ceased to be a substantial shareholder.
i-Stone focuses on specialised automation machines. It provides maintenance and technical support services for the machines and data management system used for monitoring and controlling of manufacturing process.
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