Research In Motion Ltd. shareholder Fairfax Financial Holdings Ltd. almost doubled its stake in the BlackBerry maker, increasing its holdings in a vote of confidence in a company struggling to revive sales.
Fairfax, an insurer run by Canadian investor Prem Watsa, owns 51.9 million RIM shares, according to a regulatory filing today. It held 26.8 million shares as of April 1, according to data compiled by Bloomberg. The company raised its stake to 9.9 percent, worth about $351 million.
RIM shares have fallen more than 90 percent in the past four years as BlackBerry phones and PlayBook tablets suffer declines in revenue and market share. A recovery at RIM, which faces competition from Apple Inc.’s iPhone and devices built on Google Inc.’s Android software, may take three to five years and the BlackBerry maker’s stock is undervalued, Watsa said this year. He joined RIM’s board in January as part of a management overhaul.
RIM fell 2.7 percent to $6.78 on Friday and has declined 53 percent this year.
© Copyright 2013 Bloomberg News. All rights reserved.