Canadian firm Fairfax becomes substantial shareholder in Mudajaya

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KUALA LUMPUR (Oct 24): Mudajaya Group Bhd has seen the emergence of Fairfax Financial Holdings Ltd (FFHL) and its subsidiaries as substantial shareholder, with some 5.19% stake.

In a filing with Bursa Malaysia this evening, the infrastructure group said Canada-based FFHL, FFHL Group Ltd, Barbados-based Fairfax Asia Ltd, Fairfax (Barbados) International Corp (FBIC), as well as US-based Odyssey Reinsurance Company, have emerged as its substantial shareholders.

According to the company’s filings to the stock exchange, FFHL, FFHL Group and FBIC had on Oct 17 (last Friday) bought 27.917 million shares or a 5.19% indirect stake in Mudajaya.

Similarly, the filings showed both Fairfax Asia and Odyssey Reinsurance Company now hold a deemed interest of 27.495 million shares or 5.11% in Mudajaya.

The shareholding structure showed that Fairfax Financial Holdings is the sole owner of FFHL Group, which is in turn the sole owner of FBIC.

Fairfax Asia is 83.72%-owned by FBIC, while the remaining 16.28% stake is held by Odyssey.

Shares of Mudajaya declined 4 sen to settle at RM2.10 today, with 761,800 shares traded, giving it a market capitalisation of RM1.13 billion.