KUALA LUMPUR (Dec 23): Sabah-based Victoria Capital Sdn Bhd, the second largest shareholder in Borneo Oil Bhd with an 8.89% stake, has ceased to be a substantial shareholder in the company.

In a filing with Bursa Malaysia today, Borneo Oil said Victoria Capital has disposed off 14 million shares in the company, representing a 4.19% stake, thereby paring down its shareholdings in the company to 4.7%.

Borneo Oil's largest shareholder is Tan Sri Lau Cho Kun @ Lau Yu Chak, who holds a 15.36% stake in the company through his vehicle Hap Seng Insurance Services Sdn Bhd. This is followed by Victoria Capital's stake and Datuk Freddy Lim Nyuk Sang, who ceased to be a substantial shareholder in October this year and now holds only a 2.03% stake in the company.

Lau is the nephew of the late Tan Sri Lau Gek Poh, who is the founder of the Hap Seng group, while Lim is the chief executive officer of Kretam Holdings Bhd.

Borneo Oil, whose core business is its chain of fast food restaurants under the brand name SugarBun, spiked investors interest when Lau emerged as a substantial shareholder in October this year.

Its share price, which was trading at 55 sen a year ago, rose to a one year high of 94 sen in November this year.

Borneo Oil's share price inched up 1 sen or 1.19% to 85 sen today, resulting in a market capitalisation of RM278.51 million.