AFTER a month of despair, there seems to be some respite for Serba Dinamik Holdings Bhd and the two companies linked to its founder – KPower Bhd and Sarawak Consolidated Industries Bhd (SCIB) – as the trio carved out ‘solid’ gain amid ‘super’ heavy volume.
The global integrated oil & gas (O&G) service provider which has become talk of town since the flagging of its FY2020 statutory audit by its former external auditor KPMG PLT chalked up a 5 sen or 15.15% gain to 38 sen after having touched an intraday high of 43.5 sen.
Incredibly, the share price gain which gave it a market capitalisation of RM1.42 bil dwarfed its magnanimous traded volume of 1.74 billion shares – probably the highest in the company’s corporate history.
The second closest traded volume was 1.23 billion on June 14 when the company announced the appointment of three new independent non-executive directors in Datuk Mohamed Ilyas Pakeer Mohamed (later appointed as new chairman), Johan Mohamed Ishak and Masleena Zaid (resigned on June 25).
Considering that the stock has been swimming in a sea of red with 80% of its market capitalisation having been wiped out since it resumed trading following a two-day suspension on May 31, today’s meagre 5 sen is anything but commendable to say the least.
“Taking cue from yesterday’s (June 30) close, Serba Dinamik continued its rebound due to technical correction after having fallen by over 80%,” a market observer told FocusM. “Strong interest based on the recorded volume indicates that the company’s fundamentals remain intact as of now.”
The immediate challenge is for the stock to test its near resistance of 41 sen with 40 sen being the physiological level that it needs to breach badly, according to the market observer.
“Technical-wise, 60 sen may not be too far-fetch but this very much depends on the company’s latest corporate development which will further convince retailers and especially day traders to take advantage of price weakness,” noted the market observer.
“The icing on the cake is for the board to deliver its part of the bargain as requested by Bursa Malaysia for the sake of its shareholders”.
Amid the good news, company founder Datuk Dr Mohd Abdul Karim Abdullah had parted with a further 61.7 million shares in the open market stemming from forced selling on June 29 which brought down his stake in the company he founded to 24.15%, according to a Bursa Malaysia filing this evening (July 1).
Abdul Karim who is also Serba Dinamik’s group managing director/CEO had earlier parted with 46.3 million shares on June 28 for a similar reason which left him with 25.82% stake based on a Bursa Malaysia filing yesterday (June 30).
Moving away from Serba Dinamik, the star performer was SCIB whose share price spiked 23.5 sen or 45.63% to 75 sen (off its intraday high of 81.5 sen) with 335.72 million shares traded to value the company at RM368 mil.
Meanwhile, KPower rallied to an intraday high of RM1.01, only to endure heavy profit taking which prompted a share price pullback to close 19 sen or 26.57% higher at 90.5 sen with 350.81 million shares traded (market cap: RM409 mil).
Currently, Abdul Karim holds a 32.36% stake in KPower and a 36.8% stake in SCIB. He is also the chairman and controlling shareholder of both companies. – July 1, 2021
