KUALA LUMPUR (June 8): Victoria Capital Sdn Bhd has ceased to be a substantial shareholder of Borneo Oil Bhd after disposing of 473.19 million shares or a 4.37% stake in the group.

The sale took place on Wednesday (June 7), said Borneo Oil — whose core business is its chain of fast food restaurants under the SugarBun brand name — in a bourse filing on Thursday (June 8).

After exiting Borneo Oil in 2019, Victoria Capital resurfaced as a substantial shareholder of the group in April this year, via the acquisition of 488.1 million shares or a 5.026% stake.

The acquisition also saw Victoria Capital becoming Borneo Oil’s third largest shareholder after Lei Shing Hong Securities Ltd (12.96% stake) and MT 23 Resources Ltd (5.34% stake).

As of Wednesday, Lei Shing Hong remains the largest shareholder with an 11.62% stake, followed by MT 23 Resources with 4.79%.

Meanwhile, since April, Borneo Oil managing director Datuk Joseph Lee Yok Min had acquired 3.07 million shares in the group, raising his stake to 333.01 million shares or 3.08%, making him the fourth largest shareholder of the group.

Lee had, however, disposed of 60.3 million direct shares and 30.77 million indirect shares by way of private placement on April 17.

Borneo Oil is also involved in property investment and management activities, and the provision of resources and sustainable energy. In mid-May, the group purchased a 22% stake in Sabah-based cement maker Makin Teguh Sdn Bhd for RM40 million to expand its revenue stream.

Borneo Oil's share price closed unchanged at 1.5 sen on Thursday, valuing the group at RM121.01 million. The counter has come down 25% year-to-date.