KUALA LUMPUR (March 26): Borneo Oil Bhd (KL:BORNEO) has seen Lo Ling emerge as its substantial shareholder after he raised his stake in the company to 6.99%, following the acquisition of 500 million shares. Lo purchased 500 million shares or a 3.29% stake via a market deal on March 25. Post-transaction, Lo’s stake in Borneo Oil increased to 6.99% or 1.06 billion shares, said the diversified group in a bourse filing. A back-of-the-envelope calculation showed that the transaction would have been worth RM2.5 million, based on Borneo Oil’s closing price of half a sen then. Borneo Oil posted a net loss of RM42.23 million in the six months ended Dec 31, 2025 (6MFY2026), less than the RM139.84 million net loss posted a year ago, as revenue increased by 6% to RM41.25 million from RM38.92 million previously.

Source: The Edge Markets March 26, 2026 14:19 UTC