IT seems that what is perceived to be a major share dumping by its co-founder is after all a tactical move that should not let the alarm bell sounding for too long.
Such is the feedback that that FocusM obtained from a close aide to Datuk Awang Daud Awang Putera who is also the global integrated oil & gas (O&G) service provider’s non-independent non-executive director.
“Speculations that Datuk Awang Daud and Datuk Karim (group managing director/CEO Datuk Dr Abdul Karim Abdullah) are parting ways are unfounded,” the aide pointed out on condition of anonymity. “Their partnership which dates back to 1993/1994 is very much intact.”
Yesterday, Awang Daud sparked wide market talk following his disposal of 8.5 million shares in the open market at an average price of 64.02 sen (an equivalent of 0.23% of his shareholding) which trimmed his stake in Serba Dinamik 1.8% or 66.79 million shares.
A stock market analyst who is familiar with Serba Dinamik told FocusM that the risks and rewards factor look attractive at the current price given the counter’s dividend payout of 30%.
“Uncertainties will linger for a while but there is opportunity for the stock to recover due to technical rebound,” projected the stock market analyst who did not want to be named.
Aside from Awang Daud, the Employees Provident Fund (EPF) also sold 481,000 shares on June 4 after disposing of 681,300 shares on June 2 and another 273,900 shares on June 3. Following these disposals, the pension fund’s stake in Serba Dinamik has shrunk to 367.41 million shares or a 9.9%.
On the reversal, Abdul Karim has himself moped up five million shares on May 31 – the day Serba Dinamik resumed trading after a two-day suspension following the flagging of accounting issues on its FY2020 financials by the company’s external auditor KPMG on May 25.
Meanwhile, fellow non-independent non-executive director Datuk Abdul Kadier Sahib has thus far amassed 11 million shares in the company.
The company’s second-largest shareholder after Abdul Karim (27.07% stake) has acquired an additional three million shares in the open market on June 4 after purchasing five million shares on June 2 and three million shares on June 3, thus raising his shareholding to 602.9 million shares or 16.25%.
At 12.29pm, Serba Dnamik was down 1.5 sen or 2.34% to 62.5 sen with 92.68 million shares traded, thus valuing the company at RM2.34 bil. – June 11, 2021
