KPower executive chairman buys shares of his own investment vehicle

KUALA LUMPUR (7 Feb): Executive Chairman and Managing Director of KPower Bhd, Mustakim Mat Nun, has purchased 4.32 million shares, or a 0.8% stake, in the company from his own investment vehicle. investment Grand Deal Vision Sdn Bhd (GDVSB) through a direct business transaction.

Based on documents filed with Bursa Malaysia, the shares changed hands at 34.5 sen each on Friday (4 February).

The transaction increased Mustakim’s direct stake in KPower to 40.71 million shares or 7.5%. At the same time, it holds an indirect stake of 7.31% through GDVSB.

Accordingly, the sale of the shares by GDVSB had also reduced the indirect interest of the non-independent non-executive director Sarah Azreen Abdul Samat.

Following the latest transaction, Mustakim is now the company’s second largest shareholder, by virtue of its 7.5% working interest, while GDVSB is the third largest shareholder with a 7.31% stake.

Kenanga Investors Bhd remains KPower’s largest shareholder, with a 16.3% stake.

Previously, GDVSB also sold 500,000 shares or a 0.092% stake in KPower for 35 sen each on January 31.

KPower’s share price has been trending lower since May 2021, amid audit issues at its sister company Serba Dinamik Holdings Bhd.

Serba Dinamik’s managing director and chief executive, Datuk Dr Mohd Abdul Karim Abdullah, was previously the non-independent, non-executive chairman of KPower, before his resignation last December.

Abdul Karim also ceased to be a major shareholder of KPower on January 13, after selling 79.05 million shares in a series of transactions between February 2021 and January 2022.

Over the past year, KPower’s share price has fallen 85% since its close of RM2.39 on Feb 5, 2021.

The stock closed unchanged at 35 sen on Monday (February 7), giving it a market capitalization of RM190 million.

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