From an article in The Edge of August 6, 2012, written by M. Shanmugam:
"As far back as November last year, the writing was on the wall that Ambang Sehati Sdn Bhd, the major shareholder of Bandar Raya Development Bhd (BRDB) would be forced to privatise the property developer.
A poorly orchestrated bid by the private company to carve out a clutch of prime properties held by BRDB for RM 914 million triggered protests from the minority shareholders and forced the directors of the publicly listed company to invite competing bids for the assets - the retail centre in Capital Square, Permas Jaya Mall and BR Property Holdings Sdn Bhd.
The prospect of an auction left Ambang Sehati with no choice but to launch a takeover of the company, financial executives say".
"Ambang Sehati has an 18.84% stake in BRDB and plays second fiddle to a group of investors whose shares are held by Credit Suisse in two blocks totalling 33.18%.
The ultimate owner of the 33.18% is not known....."
I left out on purpose the speculation who possibly owns this block. I don't think minority shareholders should have to guess who actually controls a company. Knowledge who owns and controls large amounts of shares is very important from a corporate governance point of view. It has far reaching implications for instance towards related party transactions, possible mandatory general offers, parties acting in concert, voting in AGM's and EGM's, etc.
The Malaysian authorities should force the holders of the large block of shares to reveal themselves. Their inaction in this matter is puzzling, to say the least.