Sunday 19 May 2024
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KUALA LUMPUR (Jan 8): Abang Abdillah Izzarim Abang Abdul Rahman Zohari, the newly appointed executive chairman as well as the largest shareholder of Minetech Resources Bhd, has upped his stake in the company to 16.338% from 15.58% previously.

The son of Sarawak Premier Tan Sri Abang Johari Tun Openg acquired the additional 0.758% stake comprising 12 million shares via a direct business transaction last Friday, at 17 sen per share or a total of RM2.04 million, according to Minetech in a bourse filing.

Minetech executive director of advisory Choy Sen @ Chin Kim Sang, who is also the founder of the company, is the second largest shareholder with a 9.95% stake, followed by executive director of business development and operations Chin Leong Choy with a 5.28% stake.

Minetech, the civil engineering specialist and bituminous products manufacturer which recently diversified into renewable energy, registered a turnaround in the latest quarter after nine consecutive quarters of losses.

The company posted a net profit of RM348,000 for the second quarter ended Sept 30, 2023, versus a net loss of RM778,000 a year earlier, as revenue grew 23.4% to RM33.24 million from RM26.94 million.

Shares in Minetech continued to climb to close at 22 sen on Monday, its highest level in over three years. This valued the company at RM331.23 million.

The counter has risen by over 214% in the past month.

Edited ByS Kanagaraju
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