Kretam’s Freddy Lim ceases to be Borneo Oil’s substantial shareholder

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KUALA LUMPUR (Oct 9): Datuk Freddy Lim Nyuk Sang has ceased to be a substantial shareholder of Borneo Oil Bhd, a filing to Bursa Malaysia revealed today.

Lim, who is also the chief executive officer of plantation group Kretam Holdings Bhd, had disposed off 10.79 million shares in Borneo Oil on Oct 8, at 68 sen per share or for a total of RM 7.34 million. The disposals were done in the open market.

It was earlier reported that Tan Sri Lau Cho Kun of the Hap Seng group had emerged as a substantial shareholder of Borneo Oil, with a 23% stake.

Borneo Oil is in the franchise fast-chood chain business under the “SugarBun” banner, as well as oil and gas operations.

The counter closed up 1 sen today to 70 sen, giving it a market capitalisation of RM194.2 million.