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All set to make an impact on corporate Malaysia [New Straits Time (Malaysia)]
[January 19, 2014]

All set to make an impact on corporate Malaysia [New Straits Time (Malaysia)]

(New Straits Time (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: KHALID Ahmad Husni seems to be ready to make a splash in corporate Malaysia, as the son of Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah has teamed up with Hong Kong-based businessman Datuk Lim Hui Boon.

Lim controls Hong Kong-listed CVM Minerals Ltd, which is involved in the manufacturing and trading of magnesium ingots in Japan and Malaysia.

In Malaysia, Lim is said to have control of ConnectCounty Holdings Bhd, where Khalid's business partner Megat D. Shahriman was appointed as executive director in August last year. ConnectCounty is engaged in the design, manufacture, sales, marketing, services and trading of cables, connectors and related products.

Speculation that ConnectCounty could be on to something big this year had created interest in the stock. The stock was up by nearly 100 per cent year-to-date, closing at 24 sen on Friday.

ConnectCounty is one of the five best performing stocks on Bursa Malaysia this year. In terms of absolute capital gains, it has overshadowed Iris Corp Bhd, which has had a boisterous 2014 thus far.

In an interview with Business Times, Khalid said his company, Green Oxygen Asia Sdn Bhd, and KIC Oil and Gas Sdn Bhd, the country's largest private operator of oil terminals, are the two remaining bidders for the biggest oil storage facility in Port Klang.

To recap, the Port Klang Authority paid RM65.3 million to Petronas Dagangan Bhd in 2002 for the public-listed entity's 70 per cent stake in the bunkering oil storage facility, Westports Bunkering Services Sdn Bhd.

The remaining stake is owned by Pembinaan Redzai Sdn Bhd.

Khalid, meanwhile, is confident that his company will be able to secure the deal on merit, which will allow it to have a monopoly of the oil storage business in Port Klang.

Westports Bunkering Services in Pulau Indah has some 196,000 cubic metres of bunker storage facility.

The facility, one of the first in a Malaysian port, began operations in 1997 by supplying fuel for ships docking at the Westports terminal as well as providing two types of bunker products, namely fuel oil and marine gas oil, which meets the international standard of ISO 8217.

"We are interested in the asset because of the oil storage facility as well as the land space available for expansion," said Khalid.

He also hinted that his relationship with Lim may expand to other areas, such as multi-level marketing business, due to his partner's involvement in the company.

"Yes, Megat is one of my partners. He is the one who has been steering me towards ConnectCounty... I have been looking at various entities... so, we will know very soon," Khalid said, when asked if he intends to have a bigger say on ConnectCounty's future.

(c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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