A matter of all’s well that ends well for Jiankun

THE corporate storm that temporarily jolted Jiankun International Bhd following the recent sweeping boardroom change episode has been put to rest with former deputy minister Datuk Lim Siang Chai retaining the position of executive vice chairman.

Cita Realiti Sdn Bhd which claimed to own 16.85% stake in Jiankun, had sent a letter to the latter’s board of directors on Dec 22 (Tuesday) stating that it would remove four directors, including Lim and executive director Edwin Silvester Das.

However, Cita Realiti had on yesterday issued a new official letter stating that it has withdrawn its proposal, but did not specify a reason. This was confirmed by Jiankun in a filing with Bursa Malaysia.

Jiankun’s share price took a beating yesterday following the boardroom tussle, dipping 11.5 sen or 16.8% to 57 sen with a hefty 158.5 million shares traded.

“The board of directors of Jiankun stated that the turmoil in the teacup is over and the company will focus on the new investment plan to ensure that the plan to enter the nitrile latex manufacturing process can be successfully implemented,” the company whose core business is property development pointed out in a statement issued late last night.

On Tuesday (Dec 22), Jiankun was in the limelight when its newly-appointed chairman and former attorney-general Tan Sri Mohamed Apandi Ali sprang into action by overseeing the signing of a memorandum of understanding (MOU) with Chuanplus Industries Sdn Bhd in a RM50 mil investment to produce nitrile rubber (NBR) for the booming rubber glove industry.

Apandi’s appointment was confirmed in a filing with Bursa Malaysia on Tuesday along with renowned entrepreneur Datuk Tan Choon Hwa and ex-banker Edwin Silvester Das as executive directors.

The trio are highly optimistic to turn around the Main Board listed property developer while improving its business prospects in the near future.

At 9.15am, Jiankun was up 1 sen or 1.75% to 58 sen with 4.06 million shares traded, thus valuing the company at RM97 mil. – Dec 24, 2020


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