Australia's MMA catches eye of Singapore tycoon
Michael Kum emerges as the largest shareholder of the marine logistics service provider
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SINGAPORE-BASED tycoon Michael Kum, a hotelier who is also no stranger to the offshore and marine (O&M) sector, has emerged this week as the biggest shareholder of Australia-listed MMA Offshore.
Mr Kum's stake in the provider of marine logistics services, coming at a time when depressed O&M stock valuations have attracted some cash-rich investors to quietly build up their shareholdings in the sector before the next upswing, has prompted some observers to ask if the tide has turned for the better for O&M stocks, including Singapore-listed ones with similar industry exposures.
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