Mohd Nazifuddin Mohd Najib, who has taken a controlling stake of 20.76 per cent in paint manufacturer, Sersol Bhd, has ambitious plans to grow the company into a serious competitor in the
lucrative oil and gas coating sub-sector.
He said besides steps to strengthen its core business by getting more distributors, Sersol would acquire industry-related companies as well to forge international partnerships in research and development.
Nazifuddin, the Malaysia unit director in the energy group, Mercuria Energy, said Sersol would look to creating synergies with the global company, which is the world's fifth largest energy trader with a revenue of US$100 billion.
All these plans would would put Sersol in good stead to chalk up a projected revenue of RM100 million for FY2014 from RM20 million now, he said.
"I have ambitious plans for the company in creating value for it in the paint coating business so that it becomes a leading competitor in the domestic market dominated by foreign companies," he told Bernama in an interview today.
"It is safe to say that the KL skyline is lighted by paint from abroad (and) I think it's time Malaysia-owned paint is used for Malaysia-owned assets," he said, adding that he was in Sersol for the "long-haul."
Sersol announced in a filing to Bursa Malaysia today that Nazifuddin had purchased 40,001,898 shares in the company reprsenting 20.76 per cent through his holding company, Sersol Holdings Sdn Bhd.
He said Sersol's strategy would also enable the company to vie for a portion of the 80 per cent of the paint coating jobs offered by Petronas and other oil companies dominated by a local public-listed competitor.
Contrary to rumours and market speculations that he was eyeing several companies, he said Sersol was the only company listed on Bursa Malaysia in which he had a direct majority stake.
He also said Sersol would graduate from an ACE company into a Main Board-listed company given the immense potential arising from the opportunities from RM100 billion in mega projects announced by the government over the next five years but it was important for the company to create a branding.
"We are planning to get a small stake in these projects through our new 'Cat 1Malaysia' architectural paint as well as invest in property projects with friendly developers," he said.
He expressed confidence in the company's business plan going forward undertaken by its professional management team led by newly-appointed managing director Mohamed Ridzuan Nor Md.-- Bernama