ARB Bhd, an information technology (IT) software and platform provider, said Caravan Capital Management LLC has acquired 18.50 million of its shares from the open market, equivalent to a 6.30% stake in the company.
Caravan Capital, a United States-based independent investment management firm, specialises in the frontier and emerging equity markets with more than 50 years of combined experience, managing investments of about US$70 mil, it said in a statement today.
Executive director Datuk Larry Liew Kok Leong said the emergence of Caravan Capital as the company’s substantial shareholder signalled its confidence in ARB’s strategy in the IT segment.
“It has been one of my key priorities to ensure that the group creates shareholder value. This is indeed a unique opportunity for us to strengthen our presence in the global market.
“We are hopeful that we will be able to grow and continue to further unlock the value of our business and to deliver earnings growth to our shareholders,” he said.
Liew is confident of the company’s progress and prospects in its new venture into the internet of things (IoT) and enterprise resource planning (ERP), as the new wave of technology impacts both young and mature industries alike.
He said attracting strategic investments from professionally managed long-term investors was crucial for any company aiming to become a market leader in a multi-billion market.
“Ensuring an appropriate balance between retail and professional investors will continue to be one of the ways we seek to transform ARB into a fully mature IT software and platform provider,” he added. -- April 28, 2020, Bernama