Mirzan Mahathir to emerge as SBI Offshore's major shareholder

MALAYSIAN businessman Mirzan Mahathir, the eldest son of former Malaysian prime minister Mahathir Mohamad, will emerge as the third largest shareholder in Catalist-listed SBI Offshore after scooping up a 10.8 per cent stake via a private placement.

The 54-year-old low-key entrepreneur, who is also a director of the Philippines' largest oil refiner Petron Corp and has other interests in the oil and gas (O&G) sector, will subscribe for 27 million new SBI Offshore shares through a wholly owned BVI-registered company CE Ventures Offshore, said the firm in an announcement.

He is one of four investors who have agreed to take up the offshore engineering outfit's private placement of 62 million new shares at 26.05 Singapore cents apiece which will raise S$61.15 million.