KPOWER (7130): KUMPULAN POWERNET BHD's second largest shareholder forced to sell 500,000 shares

KPOWER (7130): KUMPULAN POWERNET BHD's second largest shareholder forced to sell 500,000 shares

KUALA LUMPUR (Feb 3): KPower Bhd's second largest shareholder, Grand Deal Vision Sdn Bhd, has disposed of 500,000 shares or a 0.092% stake in the construction and engineering solutions group via forced selling.

In a bourse filing, the group said the shares were sold for 35 sen apiece on Jan 31 (Monday), with the transaction also reducing the deemed interest of KPower executive chairman and group managing director Mustakim Mat Nun and non-independent non-executive director Sarah Azreen Abdul Samat.

Separately, the group reported that KPower chief financial officer Amirul Afif Abd Aziz disposed of 650,000 shares or a 0.12% stake in the group on Jan 31.

According to Bloomberg data, Kenanga Investors Bhd is the biggest shareholder of KPower with a 16.3% stake, followed by Grand Deal Vision (8.52%) and Mustakim (6.7%).

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

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

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

Over the past one year, KPower's share price has dropped 84% since its closing of RM2.31 on Feb 2.

On Thursday, the counter rose 1.5 sen or 4.35% to close at 36 sen, giving the group a market capitalisation of RM195 million.

http://www.theedgemarkets.com/article/kpowers-second-largest-shareholder-forced-sell-500000-shares