A Singaporean hotelier has been revealed as a majority shareholder in MMA, the offshore services company formerly known as Mermaid Marine Australia.
Michael Kum currently owns a 10.6% (39.6m shares) of MMA, making his stake worth just over A$12m ($9m) at the current share price of A$0.305.
He is the head of M&L Hospitality Group, which owns hotels and hospitality property around the world.
Kum has been acquiring MMA’s shares in increments since April 2015 through Halom Investments, a company he co-owns with his wife Lynda Ong, according to filings to the Australian Securities Exchange.
In 1976, the entrepreneur also founded offshore support vessel operator Miclyn Express Offshore, which is headquartered in Singapore and was listed on the ASX until 2013 before it was bought out by private equity investors.