KUALA LUMPUR (June 16): Sersol Bhd (KL:SERSOL) said on Monday that its executive director Datuk Mohamed Suffian Awang has reemerged as the company’s largest shareholder, after acquiring a 13.671% stake in the Johor-based industrial paint manufacturer.
According to the ACE Market-listed firm’s filing with Bursa Malaysia, Mohamed Suffian acquired 100 million Sersol shares for a total consideration of RM500,000 — or half a sen per share — via IceAge Property Sdn Bhd in an off-market transaction on June 12.
The transaction price represents an 80% discount to Sersol’s closing share price of 2.5 sen on the same day.
The block of shares was acquired from Jessie Lim Me Xian, who ceased to be a substantial shareholder following the disposal of her entire stake.
Lim had previously emerged as Sersol’s largest shareholder on February 3, after acquiring the same block of shares from Mohamed Suffian, then held via another private vehicle, Forever Famous Sdn Bhd. She is a substantial shareholder in Cuscapi Bhd (KL:CUSCAPI), where she holds a 7.22% stake.
Mohamed Suffian had first become Sersol’s largest shareholder in mid-January this year, after acquiring a 13.671% stake from Hillcove Sdn Bhd — also at a discount.
Prior to his appointment as Sersol’s executive director in August 2023, Mohamed Suffian served as chairman of the investment committee and independent non-executive director at Felda Global Ventures Bhd.
Shares of Sersol closed unchanged at 2.5 sen on Monday, valuing the loss-making company at RM18.3 million. Since the beginning of this year, the counter has fallen about 75%.