Datuk Joseph Ambrose Lee

Datuk Joseph Ambrose Lee Becomes BornOil’s Largest Shareholder

Financial Markets

Borneo Oil Berhad (BornOil) executive director Datuk Joseph Ambrose Lee (pic above) has emerged as the company’s largest shareholder with a block purchase of 1,258,108,250 BornOil shares.

In a filing to Bursa Malaysia this evening, the company said in a statement that Datuk Joseph had made the purchase for RM110 million, or RM0.088 per share.

“BornOil has a solid asset base. Its net tangible asset is RM0.11 per share with total assets of RM824 million against total liabilities of just RM56 million,” said Datuk Joseph, adding that he was pleased to have finally concluded the acquisition.

“The company is lowly geared with just under RM20 million of short term and long term borrowings with a comfortable cash position. What’s more, it also has a long term growth strategy and business philosophy of sustainable existence.”

BornOil’s shareholder base has also jumped from less than four thousand shareholders in 2015 to more than twenty two thousand in 2021.

Since early September 2021, Datuk Joseph has been progressively increasing his personal stake in the company on an almost daily basis.

BornOil posted a net profit of RM28.51 million for the financial year 2021.  It also posted a net profit of RM3.787 for the 1st Quarter (June to September 2021) of 2022.

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