KUALA LUMPUR (June 10): Cocoaland Holdings Bhd co-founder Liew Fook Meng is set to surface as a substantial shareholder of Muar Ban Lee Group Bhd (MBL) with a 7% stake, sources familiar with the matter told theedgemarkets.com.
It is learnt that Liew bought the MBL shares at around RM1.35 per share as “he saw the potential of the latter to do something big”, said a source.
MBL, founded in 1987, is a palm kernel oil expeller as well as a manufacturer that specialises in palm oil and oilseed crushing machinery.
MBL is also a minority shareholder of Cycle & Carriage Bintang Bhd, the country’s largest dealer of German premium marque Mercedes-Benz's cars.
Another source pointed out that Liew had plenty of cash in hand after divesting of shares in furniture maker Euro Holdings Bhd. According to Euro Holdings' filing, Liew ceased to be its substantial shareholder after disposing of 42.61 million shares that represented 15.94% stake in the loss-making company in February.
Liew, one of the founding brothers of locally listed confectioner Cocoaland, is a 73-year-old with over 30 years of experience in manufacturing and marketing of confectionery.
Muar Ban Lee confirms emergence of Cocoaland boss as substantial shareholder