WITH sister companies Serba Dinamik Holdings Bhd and Sarawak Consolidated Industries Bhd (SCIB) under suspension, KPower Bhd has become the sole flag bearer for the companies which share a common major shareholder in Datuk Dr Mohd Abdul Karim Abdullah.
Despite being in a precarious situation considering its link with Serba Dinamik and SCIB, the renewable energy specialist who operates sustainable energy and utilities is holding steady although there has been some erosion of share price following SCIB’s share/warrant trading suspension which came into effect yesterday (Nov 9).
In fact, the counter shot up 4.5 sen or 8.41% to close at 58 sen yesterday (Nov 9) with 20.23 million shares traded to follow up on Monday’s (Nov 8) momentum when it ended 3.5 sen higher.
Abdul Karim holds a stake of 20.86% in KPower after having disposed of 900,000 shares at 49.5 sen apiece in the company on Nov 5 as per a Bursa Malaysia listing dated Nov 8. Ironically, the quantity of shares that the Serba Dinamik head honcho sold was also the same amount bought by KPower’s group managing director Mustakim Mat Nun.
Serba Dinamik which is embroiled in a legal suit against Bursa Malaysia Securities Bhd over matters pertaining to its suspension ‘impasse’ was last traded on the morning session of Oct 22 at 35 sen.
Meanwhile, SCIB in which Abdul Karim is the controlling shareholder with s a 24% stake said it would be business as usual for the group despite its stock trading suspension after Bursa Securities rejected its appeal for an extension of time until Dec 31 to release its annual report for the financial year June 30, 2021 which was due on Oct 31.
“We want to reassure all our stakeholders, business partners, vendors and employees that we will continue with daily operations as usual despite the stock trading suspension,” its group managing director/CEO Rosland Othman pointed out.
“We are working with our external auditor to expedite the finalisation of the audit of the financial statements and we are targeting the annual report to be issued by December.”
Rosland added that SCIB’s expansion plans remain intact as the company leverages on its strengths of being the largest precast concrete and industrialised building system (IBS) manufacturer in East Malaysia to develop opportunities including in Peninsular Malaysia.
At 11.05am, KPower was down 0.5 sen or 0.86% to 57.5 sen with 5.53 million shares traded, thus valuing the company at RM312 mil. – Nov 10, 2021
