This article first appeared in The Edge Malaysia Weekly on April 6, 2026 - April 12, 2026
THE name Datuk Muhammad Fasir Samsudin may not be familiar to many today, except perhaps pre-millennials who remember him as a notable figure on the corporate scene in the 1980s and 1990s.
But Fasir’s name re-emerged recently via a couple of corporate exercises that consolidated his stake in Inch Kenneth Kajang Rubber plc (KL:INCKEN) by eliminating cross-shareholdings in the company and Concrete Engineering Products Bhd (KL:CEPCO).
On March 17, Cepco and Fasir entered into a debt settlement agreement in which the concrete products manufacturer transferred its 12.68% stake in Inch Kenneth to Fasir to settle a RM16.8 million debt owed to him.
This raised Fasir’s stake in Inch Kenneth — a tourism and plantation company with 201.95ha of freehold oil palm plantation land in Semenyih, Kajang, Selangor — to 25.8%, including his indirect interest via his 60.5%-owned FA Securities Sdn Bhd.
For years, Fasir controlled Inch Kenneth and Cepco through a web of cross-shareholdings. As at April 11, 2025, Cepco held a 14.52% stake in Inch Kenneth, which had a 17.08% interest in Cepco as at Nov 14, 2025.
In addition, there were the stakes held by FA Securities — 15.46% in Cepco and 10.94% in Inch Kenneth. Fasir and his children and associates also hold direct stakes in both companies individually, further complicating the shareholding structure.
Now that the shareholding structure is clearer, Fasir will — as the largest indirect shareholder in Inch Kenneth — sit on land valued at more than RM500 million, more than triple the RM149.6 million market value of the company as at April 3.
Inch Kenneth owns two estates in Semenyih — Dunedin Estate and another in Kajang.Together, the land was last revalued at RM539.92 million on Inch Kenneth’s books, as at Dec 31, 2023.
The Kajang estate — a 140ha (345.95 acres) tract bordered by Kajang Hill Golf & Country Resort, Saujana Impian Golf & Country Club and Sungai Long Golf & Country Club — was targeted for acquisition in 2009.
Back then, it was believed that several suitors had proposed to acquire the Kajang estate for RM13 psf, which would have fetched about RM198 million. But the deal did not materialise.
At the time, the Kajang estate was valued at RM176.86 million on Inch Kenneth’s books. With recent surges in land prices and the rapid development of the southeastern Klang Valley, its value has more than doubled.
The land is well-suited for development because of its strategic location and connectivity to Seremban, Putrajaya, Cheras, and Kuala Lumpur. Several major highways pass through the tract, including the Grand Saga Highway, LEKAS and the Kajang SILK Highway.
Through the debt settlement agreement, Fasir now has direct control of Inch Kenneth — and its Kajang and Semenyih estates — rather than holding an indirect stake via Cepco, giving him more influence over how the land is monetised.
On April 1, YTL Cement Bhd, the building materials unit of YTL Corp Bhd (KL:YTL), proposed a takeover of Cepco at RM2.60 per share. Before the proposed deal was announced, Cepco traded at RM1.87 on March 31.
YTL Cement is buying 32.92 million shares, or a 53.49% stake, in Cepco for RM103.79 million.
Inch Kenneth, which holds a 19.32% stake in Cepco, and Fasir are among the sellers. Fasir is selling a 4.09% stake and his son Muhammad Firdaus Muhamad Fasir is selling a 4.67% interest.
Under listing rules, YTL Cement is required to extend the offer to the rest of Cepco’s minority shareholders.
“With the debt settlement and sale of the Cepco stake to YTL Cement, Fasir has consolidated his interests in Inch Kenneth, whose jewel in the crown is its freehold estate in Kajang.
“Although the land was recently revalued, it can still fetch a higher valuation, considering other transactions in the vicinity that were valued at a higher price,” says an observer.
The value of the Kajang estate stood at RM383.73 million, or roughly RM25.50 psf, as at end-2023. In August 2017, Sunway Bhd (KL:SUNWAY) acquired a 5.28-acre freehold plot in Kajang for RM63 million, or roughly RM273.92 psf.
According to EdgeProp data, a 3.38-acre tract in Bandar Teknologi Kajang is listed for RM22 million, or RM149.42 psf.
Granted, these transactions involve development land, which commands a higher price, wheras Inch Kenneth’s land is currently agricultural. Still, it would not take much for Inch Kenneth to build the necessary infrastructure and reclassify the land for development to achieve a higher valuation.
Meanwhile, the other plot — Dunedin Estate — was valued at RM156.19 million. Covering 61.94ha (153.06 acres), it is valued at RM23.43 psf.
Inch Kenneth disposed of some land in Semenyih recently. In April last year, it disposed of 6.03ha of agricultural land to MKH Bhd (KL:MKH) for RM42.21 million, or RM65 psf.
Applying the same rate to Dunedin Estate, the land could be valued at RM433.37 million. This means the land alone is worth nearly three times Inch Kenneth’s RM149.6 million market value as at April 3.
According to AskEdge, Inch Kenneth was trading at 39.5 sen on April 3, with a price-to-book ratio of 0.3 times — comparable to MKH, a Kajang-based property developer, but higher than the beleaguered Country Heights Holdings Bhd (KL:CHHB).
Now that Fasir controls almost a third of Inch Kenneth, will he take it to greater heights?
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