Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Oct 9): WZ Satu Bhd chief executive officer Tengku Uzir Ubaidillah said he has no plans to raise his stake in the steel manufacturer beyond 30%. As at Oct 8, Uzir is the largest shareholder of the group, with 53.7 million shares or a 28.28% stake.

"As per our proposed private placement (to bumiputera investors to raise some RM62 million cash for its oil and gas (O&G) venture that has been) approved by shareholders, my stake will be diluted (after the exercise). So, I will try to mantain (my stake) at the current level," he told reporters after the group's extraordinary general meeting (EGM) today.

All six resolutions were passed in the meeting, including the group’s diversification to the O&G sector through the acquisition of Misi Setia Oil and Gas Sdn Bhd.

"Moving forward, we will rationalise our steel manufacturing business to a more supportive role to our O&G business," Uzir said.

The rationalisation include resizing, relocation and disposal of certain parts of the group's steel manufacturing division.

On WZ Satu's next O&G acquisition after Misi Setia, Uzir said negotiations are still on-going. While the proposed new business will not be similar to Misi Setia's existing business, it will complement it.

Still, Uzir noted that WZ Satu will not become a full-fledged O&G player so soon but will focus on running its three core businesses, namely O&G, mining and civil construction.

"(Only) by the financial year ending Aug 31, 2016, we are expecting more than 50% of our revenue to be contributed by the O&G business, and the balance will come from mining and construction," he added.
 

      Print
      Text Size
      Share