By Xavier Kong
Ahmad Johari Abdul Razak, brother to prime minister Najib Razak, was just appointed as an independent non-executive director on the board of Sumatec Resources Bhd, of which Halim Saad owns a major 25% stake.
Ahmad Johari Abdul Razak
Ahmad Johari also owns 1.92% of the group’s shares, which translates to 60 174 900 shares, which, when coupled with the current share price of 31 sen, values the stake at a hefty RM18.65 million. Other than the board of Sumatec Resources, Ahmad Johari also sits on the board of Ancom Bhd, Hong Leong Industries Bhd, Daiman Development Bhd, Malaysian Resources Corporation Bhd, Deutsche Bank (Malaysia) Bhd, and Daiman Golf Bhd.
Sumatec Resources, which is currently undergoing a restructuring exercise, is an oil and gas firm that is about to enter the upstream sector, via a joint investment agreement with Markmore Energy (Labuan) Limited and CaspiOilGas LLP to develop the Rakushechnoye Oil and Gas Field in West Kazakhstan. The restructuring exercise involves the raising of RM453 million from the capital market to pay for the existing facilities at the field, and also to be used as working capital.
Halim Saad had also recently had his second bid to acquire highway operator PLUS Malaysia Bhd turned down by the government. The bid was made through his private vehicle Idaman Saga Sdn Bhd, along with a proposal to maintain toll prices unchanged until 2038. PLUS Malaysia is currently 51% owned by UEM Group Bhd while the Employees Provident Fund (EPF) owns the other 49%.
Sumatec Resources’ shares were valued at a static 31 sen at the end of the trading day.
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