Rex - Cash Rich

Tan Sri Mohd Ibrahim Mohd Zain, a substantial shareholder and director of Brahim’s Holdings Bhd surfaced in the company.

He has acquired a 1.6% stake in the company. He also has a 30% stake in Brahims. Those days he is said to be linked to Setron and Pengkalan as well.

Lee is a substantial shareholder holds a 3.4 million shares or 6.1% stake in Rex. Yee holds 5.6 million or about 10% stake in the company.

Observers thinks that Mohd Ibrahim could just be an investor, as he is in the oil and gas company Deleum Bhd in which he holds a 5.2 million shares or about 3.4% stake

As at end June 2014, it had cash and bank balances of rm15.3 million, rm22.4 million in long term debt ad rm427000 in short term borrowings. The company had rm73.3 million in reserves as at end June 2014 and net assets per share of rm2.15.

Its asset is land. Its 1.3 acre tract in Mak Mandin, Butterworth was last revalued in Nov 2011. It also owns 7.7 acres in Seberang, Prai, also in Penang and two plots measuring 9.5 acres in Pasuraun, Indonesia which had a net book value of rm10 million as at Jan 005 and Sept 2012. It also has 6.9 acres in Jiedong Economic Development Experimental Zone, China valued at rm9.4 million.

The land parcels in Penang – Mak Mandin and Seberang Prai have 29 years and 56 years remaining on their respective leases. One piece of land in Indonesia has more than 100 years remaining on its lease whereas the land in Jiedong has about 32 years remaining on its lease.