Michael Kum, a Singapore-based tycoon has emerged as the largest shareholder in MMA Offshore. Kum, who is estimated by Forbes to be worth USD905m, has built up a 16.7% stake via Halom Investments, which he jointly controls with his wife.
In 1976, Kum co-founded Offshore Equipment Pte Ltd to charter offshore support vessels and barges to the oil and gas exploration, development and production industry in the Middle East and South East Asia. He sold his group of companies to Macquarie ahead of the IPO of the business on the ASX.
In 2009, Kum set up Grandline International Limited with a focus on real estate hospitality investments. Since 2009, the group has become a major hotel owner with 12 properties in Australia, Japan, London, New Zealand and Singapore. He considered selling a portfolio of 5 hotels in Australia and New Zealand earlier this year, but decided not to go ahead with the deal.
MRM Price at posting:
16.5¢ Sentiment: None Disclosure: Not Held
