KUALA LUMPUR (June 11): US-based Odyssey Reinsurance Company, an indirect subsidiary of Fairfax (US) Inc — a financial services company publicly traded on the Toronto Stock Exchange — has emerged as a substantial shareholder in Mudajaya Group Bhd, after acquiring 30 million shares or 5.5% stake in Mudajaya.

A filing with Bursa Malaysia today showed the construction and property developer's shares were acquired on June 4.

Odyssey Reinsurance is an underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance based in Connecticut, Canada. It is the subsidiary of Odyssey Re Holdings Corp, which is in turn a wholly-owned subsidiary of Fairfax (US) Inc.

Thus, Fairfax's indirect interest in Mudajaya (fundamental: 0.55; valuation: 1.2) has been raised to 76.64 million shares or 14.24%.

Mulpha Infrastructure Holdings remains the single largest shareholder in Mudajaya with a 22.34% equity interest, followed by Dataran Sentral (M) Sdn Bhd with a 19.21% stake.

Mudajaya closed 2 sen lower at RM1.37 today, giving it a market capitalisation of RM737.61 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)