Wednesday, May 14, 2014

YLI - Unlikely To Benefit From Langat 2 Project !!!

Its major shareholder Tan Sri Syed Mohd Yusof Syed Nasir has sold his entire 30.04% stake in the company to Suasana Karisma Sdn Bhd, a company controlled by some members of the existing management of the pipe manufacturer at RM1.10 per share, valuing the deal at RM32.53mil.

Syed Yusof is better known as the franchise holder of Hard Rock Cafe in Malaysia. His entry into YLI in 2007 had sparked speculation that the pipemaker would be a beneficiary of the construction of the Langat 2 water-treatment plant in Selangor. The project, however, has yet to take off.

Syed Yusof, who was appointed as YLI chairman in August 2007, had emerged as a substantial shareholder in YLI shortly before that with a 30% stake in June 2007. He had acquired the stake from the Loh family at RM2.90 per share, valuing the deal at RM86mil.

Suasana Karisma’s substantial shareholders are YLI’s present managing director Datuk Samsuri Rahmat and executive director Ali Sabri Ahmad. Samsuri, who was formerly YLI’s chief operating officer, was appointed its managing director in June 2008.

He had held various key positions in the public sector for 16 years before joining the private sector in 1996. Prior to joining the company, he was the executive vice-chairman and executive director of TRIplc Bhd.

Ali Sabri, meanwhile, was appointed the company’s executive director in June 2008. He has more than 20 years experience in major construction projects in Malaysia and abroad.

Suasana Karisma’s other listed shareholders are Shairah Begum Kadar Bashah and Fatimah Sulaiman. Suasana Karisma is categorised as a land and property investment holding company with a paid-up capital of RM2 which was registered in January 2013.

Shairah Begum and Fatimah in late 2012 had also emerged in Protasco Bhd with a 27.11% stake via Kingdom Seekers Ventures Sdn Bhd, which is also registered as a land and property outfit.

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