Sabah businessman makes handsome profit from sale of Borneo Oil shares


KUCHING: Sabah businessman Datuk Lim Nyuk Sang @ Freddy Lim is believed to have made handsome gains from the latest disposal of a big chunk of shares in Borneo Oil Bhd.

The company owns the franchise of homegrown fast food restaurant chain SugarBun.

Lim sold nearly 12.3 million shares in Borneo Oil, which has a share capital of 218.2 million, at 72 sen each in the open market on Thursday.

He had subsequently ceased to be the company’s substantial shareholder, according to a filing with Bursa Malaysia.

Borneo Oil, which has seen robust trading activities in recent months, rose to 74.5 sen in recent weeks, the highest level in three years.

The stock closed at 60 sen last year, which was 18 sen higher than end-2012.

Separate filings showed that Lim acquired some 5.10 million shares priced between 58.7 sen and 62.5 sen on several occasions since last month.

On Dec 30 last year, he bought about 1.36 million shares at 58.4 sen. Before his latest disposal, Lim owned about 20.9 million shares.

Lim is also chief executive officer and single largest shareholder of Sabah-based plantation firm Kretam Holdings Bhd, with a stake of 48.4% (2012 annual report).

Borneo Oil opened two new franchised SugarBun outlets — at the Hills shopping mall here and at Sri Simanggang Hotel in Sri Aman — last month.

Another new restaurant is scheduled to commence business in Kota Sentosa near here next month, according to a company official yesterday. Last year, 14 new outlets were set up.

The official said there were currently 71 franchised SugarBun outlets, comprising 60 in Malaysia and 11 overseas.

Out of the 60 domestic outlets, 54 are in Sarawak, four in Sabah and two in Johor. The fast food chain has operations in Brunei, China, Australia and Bangladesh.

SugarBun is the main contributor to Borneo Oil group revenue, which surged nearly 27% to RM10.5mil in the third quarter to Oct 31, 2013 from RM8.3mil in the same period in 2012.

The group is also involved in the management and operation of properties as well as quarry business in Sabah.

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Business , Borneo Oil Bhd

   

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