KUALA LUMPUR (Oct 2): Muar Ban Lee Group Bhd (MBL) has increased its stake in SWS Capital Bhd, after it acquired a total of 15.47 million or 5.62% interest worth RM5.87 million, its Bursa Malaysia filing showed on Monday.

Following the additional shares acquisition, MBL’s holding in the furniture and plastic ware manufacturer now stands at 67 million shares or 24.36% stake in the group. 

As at Dec 31 last year, the group had total deposits, bank and cash balances of RM118.76 million, the palm kernel expeller manufacturer said. MBL highlighted that it is always on the lookout for investments, if opportunities arise. 

“The additional investment in SWS Capital presents a good fit for its investment strategies to diversify its business into other segments,” it explained. 

Meanwhile, MBL said the additional investment in SWS Capital is funded through internally generated funds.

MBL first emerged as SWS Capital’s largest shareholder in August, after purchasing 51.53 million shares in SWS Capital, equivalent to an 18.73% stake.

Shares in MBL finished 1.5 sen or 3.03% lower to 48 sen on Monday, giving it a market capitalisation of RM118.15 million.

Meanwhile, shares in SWS Capital settled 3.5 sen or 9.72% lower to 32 sen, valuing the group at RM89.40 million.