Creador’s Brahmal is Gabungan AQRS’ substantial shareholder

KUALA LUMPUR (June 20): Private equity firm Creador Sdn Bhd founder and chief executive officer (CEO) Brahmal Vasudevan has emerged as Gabungan AQRS Bhd’s substantial shareholder.

In a filing with Bursa Malaysia yesterday, Gabungan AQRS said Brahmal, on the same day, acquired an indirect stake of 178,700 shares, bringing his total shareholding in the property and construction player to 5.07% or 23.11 million shares.

After the transaction, Brahmal had 0.44 % direct and 4.63% indirect stakes in the company.

Gabungan AQRS shares fell over 50% immediately after the 14th general election (GE14) on concerns over the government’s plan to review mega infrastructure projects such as the East Coast Railway Link and the Pan Borneo Highway.

However, group CEO Datuk Azizan Jaafar had told The Edge Financial Daily that such projects were not in its books in the first place, adding that the group’s outstanding order book of RM2.7 billion will give it earnings visibility over three years.

According to Gabungan AQRS’ latest annual report, Azizan, via his private investment vehicle Ganjaran Gembira Sdn Bhd, was the largest shareholder in the company, with an 11.22% interest, as at March 16, 2018.

Gabungan AQRS shares have recovered since stumbling post-GE14. It closed five sen or 3.97% lower at RM1.21 yesterday, giving it a market capitalisation of RM553.59 million.