KUALA LUMPUR: Tan Sri Tajudin Ramli, the former boss of Technology Resources Industries Bhd, is believed to be making a corporate comeback possibly via a takeover of loss-making CN Asia Bhd.
It is learnt that the possible deal will see oil and gas-based CN Asia’s managing director Ho Cheng San disposing of his entire 40 per cent stake to Tajudin.
K&N Kenanga is said to be one of the advisers for the deal.
CN Asia’s second largest stakeholder is Charles Ross McKinnon, a former special economic adviser to Kumpulan Darul Ehsan president, the investment arm of the Selangor government.
Ross was also briefly attached to Naza Group, where he was one of the key figures in putting in place a deal to gain control of Kumpulan Jetson Bhd.
The plan was essentially a back-door listing for Naza Group’s property arm but was scuttled after Jetson’s main stakeholder Datuk Teh Kian An mustered enough shares to thwart the move.
Ross, who owns a 15 per cent stake in CN Asia, is seen as a key man seeking to change CN Asia’s direction.
Sources close to Tajudin said the Kedah-born tycoon also intends to inject oil and gas assets into CN Asia.
The assets concerned are currently parked under privately-held Merapoh Resources Corp Sdn Bhd, a company founded by his brother Md Nazri Ramli.
Early this year, another Tajudin’s brother, Datuk Bistamam Ramli, was made Merapoh chairman.
Merapoh is building Malaysia’s biggest oil refinery in Kedah and has roped in China Energy H City Realty Investment Co Ltd as its partner.
Just last month, CN Asia announced plans for a proposed production of liquefied petroleum gas and condensate from natural gas supplied by the Rakushechnoye oil and gas field.
The field is closely linked to Sumatec Resources Bhd and since then, rumours have been circulating that two of Tan Sri Halim Saad’s associates, Wan Kamaruddin Biji Sura and James Chan Yok Peng, will acquire a third of CN Asia from the company’s managing director.
That helped boost CN Asia shares by nearly 100 per cent to RM1.40, but analysts pointed out that for CN Asia to operate in Kazakhstan, it will need to fork out more than US$100 million (RM317 million).