Macquarie Bank to buy into BornOil which had almost doubled yearly net profit

KUALA LUMPUR: Borneo Oil Berhad (BornOil) has announced that the company has entered into a Subscription Agreement with Macquarie Bank Limited for the latter's subscription of up to 550,000,000 placement shares representing 6.35% of the total current number of issued shares (excluding treasury shares) of BornOil.

In an announcement to Bursa Malaysia Securities Berhad yesterday, BornOil said that this development follows on from the stock exchange having approved the listing and quotation of up to 1,052,794,847 Placement Shares to be issued pursuant to the Proposed Private Placement.

Incorporated under the laws of Australia, Macquarie Bank is a wholly-owned subsidiary of Macquarie Group Limited, a company listed on the Australian Securities Exchange with a market capitalisation size of AUD 70.41 billion (RM216.63 billion).

Macquarie Group Limited is an Australian global financial services group with its headquarters in Australia. 

Macquarie employs more than 17,000 staff in 33 markets and is the world's largest infrastructure asset manager and Australia's top-ranked mergers and acquisitions adviser, with more than A$737 billion in assets under management.

In an announcement to Bursa Malaysia last Friday, BornOil reported that its full year net profit almost doubled to touch RM53.28 million (2021: 28.48 million) against a 71% leap in yearly revenue to RM87.66 million (2021: RM51.41 million).

The rise in yearly profit and revenue came against the back of BornOil having posted net profit of RM4.38 million against revenue of RM35.88 million for its quarter ended 30 June 2022.

The company said that it "remained focused on showing sustainable growth for the next financial year."

"We will continue to be vigilant in monitoring the volatile situation and tighten internal efficiencies with cost optimisation."

The quarter's higher revenue was mainly attributable to the sale of limestones/stones of RM12.82 million from the (resources and sustainable) RSE division.

Source: Borneo Oil Berhad

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