KUALA LUMPUR (Sept 28): Kinergy Advancement Bhd (KL:KINERGY) founder Datuk Dr Lai Keng Onn has become the single largest shareholder of marine vessels operator Avangaad Bhd (KL:AVANGAAD), after acquiring a 278.38 million-share block from Sindora Bhd and Kulim (M) Bhd.
Sindora held a 20.02% direct interest, while Kulim held a 0.97% direct stake in Avangaad. Kulim has a 20.02% indirect stake in Avangaad via its holdings in Sindora. Kulim is part of Johor state-owned investment arm Johor Corp.
Sindora’s shareholding in Avangaad goes back to early 2007 when it made its entry with a 51% stake.
Lai, who is also executive chairman and group managing director of electrical and mechanical engineering services company Kinergy, acquired the shares on Sept 24 for RM69.6 million or 25 sen per share, according to filings with Bursa Malaysia and Bloomberg data.
The acquisition raised Lai’s direct stake in Avangaad to 23.08% from 2.057%.
Lai already has an indirect 51% interest in Avangaad through Voultier Sdn Bhd (VSB), which subscribed to 676.387 million new shares under the company’s regularisation plan completed last year. He joined the board of Avangaad as executive director in July 2024.
VSB is 70%-owned by Kinergy Advancement non-executive director Datuk Mubarak Hussain Akhtar Husin and 30% by Lai.
According to Bloomberg data, the 265.5 million shares were transacted in two blocks of 227.05 million shares and 38.45 million shares for a total of RM66.37 million. Meanwhile, the 12.884 million shares held by Kulim were transacted at RM3.22 million.
Lai started increasing his direct stake in Avangaad in April 2026, before acquiring the block from Sindora and other shareholders in September.
For the second quarter ended June 30, 2026, Avangaad’s net profit rose to RM10.48 million from RM6.03 million a year earlier, mainly due to a gain on the disposal of its vessel, FOIS Nautica Tembikai. Revenue was almost flat at RM32.77 million.
Avangaad’s shares rose 1.72% to 29.5 sen on Monday, valuing the company at RM391.2 million. The stock has fallen 7.81% year to date.