KUALA LUMPUR (Jan 4): Shares of Minetech Resources Bhd climbed as much as 14.3% to a high of 20 sen on Thursday’s morning trade — its highest since May 12, 2021 when the stock closed at 20.5 sen — after the group announced the appointment of Abang Abdillah Izzarim Abang Abdul Rahman Zohari as its new executive chairman.
At the time of writing, the counter pared its gains to 19 sen — still up 1.5 sen or 8.57% — valuing the group at RM303.17 million.
Trading volume stood at 101.8 million — more than 13 times than its 200-day average volume of 7.76 million — making it the second most active stock on Bursa.
In the past month, Minetech’s share price has risen by 280%.
Abang Abdillah is succeeding Ahmad Rahizal Datuk Ahmad Rasidi, who has been redesignated as non-executive director. Abang Abdillah, who holds a 15.58% stake in the group, is the son of Sarawak Premier Tan Sri Abang Abdul Rahman Zohari Abang Openg (popularly known as Abang Jo).
He currently sits on the board of Berjaya Land Bhd and was the executive chairman of Sarawak Consolidated Industries Bhd for about six months, from June 28 to Dec 11.
In its latest quarterly results, Minetech made a turnaround in its earnings after nine consecutive quarters in the red.
The group registered a RM348,000 net profit for the second quarter ended Sept 30, 2023 (2QFY2024) versus RM778,000 net loss a year earlier, as revenue grew 23.4% to RM33.24 million from RM26.94 million.