KUALA LUMPUR (March 21): Ranhill Holdings Bhd's cornerstone investor, the Johor-state owned State Secretary Johore Incorporated has taken up a 10.59% stake in the utilities firm.

According to the filing to Bursa Malaysia today, the State Secretary Johore Incorporated subscribed a 10.59% stake or 94.1 million shares through Permodalan Darul Ta'zim Sdn Bhd.

The subscribed shares in Ranhill were pursuant to the public offering.

Ranhill, which saw its share price tumble 16% to RM1.01 on its maiden trading day on March 16, has managed to recoup some losses. The counter closed unchanged at RM1.07 today.

The group targeted to raise RM637.5 million from its initial public offering (IPO) after its reverse takeover exercise of Symphony House. However, the board revised its IPO price to RM1.20 from RM1.70 after a few delays.

Its chief executive Tan Sri Hamdan Mohamad was quoted by the media as saying that Ranhill Holdings intends to expand its wastewater business in China to 1,000 million litres per day (mld), from 340 mld in three to five years. It also wants to increase its power plant capacity in Sabah to 1,000 megawatts (MW), from 380MW currently.