Three parties linked to Kedah Jetty takeover in Luster Industries talks

Three parties that placed a bid to takeover the Kuala Kedah Jetty, which links the state's mainland to Langkawi island via a sea route, is believed to be in talks to takeover control of Luster Industries Bhd, according to sources.

Luster has been heavily traded over the past four days with well over 100 million shares exchanging hands per day. The company recently returned to the black, registering a profit of RM501,000 for the quarter ended March 31, 2013, versus a loss of more than RM3 million in the same time last year.

It also saw the emergence of two major shareholders -- Wee Siew Heng and Ling Siew Luan. Wee took up 70 million shares, representing a 5.11 per cent stake, while Ling Siew Luan purchased 133.83 million shares or 9.77 per cent on May 30, according to a filing to Bursa Malaysia.

They emerged as part of Lusters' fundraising exercise.

Luster's corporate exercise involved the private placement of 270 million new shares or 24.8 per cent of its paid-up capital together with 216 million free warrants on the basis of four placement warrants for every five placement shares.

The sources said it is understood the three parties are talking to a group led by Lim See Chea and Wilson Wee Song Hee. Parties aligned to Lim, who is also the managing director, controlled 19 per cent of the company, while those led by Wee, who is executive Director, controlled some 17 per cent of the equity.

The parties collectively seeking ownership of Luster are Puncak Semangat Sdn Bhd, Manfield Development Sdn Bhd and Jalinan Muhibah Sdn Bhd. Puncak Semangat is a company linked to Tan Sri Syed Mokhtar Al Bukhary while Manfield and Jalinan Muhibah last emerged in the corporate scene as shareholders of Northern Utility Resources Sdn Bhd (NUR).

NUR operates an in-situ independent power utility (IPU) within the Kulim Hi-Tech Park in Kedah and is the first IPU awarded a 30-year concession in 1997 to build a power plant and distribute electricity within the hi-tech park. – Bernama, June 19, 2013.


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