PETALING JAYA: A company linked to Sarawak timber and media baron Tan Sri Tiong Hiew King is acquiring a 13.75% stake in Borneo Edible Oils Sdn Bhd (BEO) from two Main Market-listed companies, Subur Tiasa Holdings Bhd
and Rimbunan Sawit Bhd, for RM5.35mil cumulatively.
The acquiring company, Tiong Toh Siong Holdings Sdn Bhd (TTSH), is a major shareholder of both Subur Tiasa and Rimbunan Sawit.
Subur Tiasa told Bursa Malaysia it will be selling its 7.5% stake in BEO for RM2.94mil to TTSH, in which Hiew King has a 10.21% direct and 22.15% indirect stake.
Subur Tiasa is expected to make a loss of RM3.06mil from the sale of BEO, which is involved in the trading of crude palm oil and palm oil processing.
...