KUALA LUMPUR (Oct 27): Urusharta Jamaah Sdn Bhd, a special purpose vehicle under the Ministry of Finance (MOF), bought an additional 648.600 million shares, equivalent to a 0.118% stake, in Kawan Renergy Bhd (KL:KENERGY) last week.

The share purchase bumped up Urusharta Jamaah’s shareholding to 5.034%, according to an exchange filing.

The ACE Market-listed company’s other substantial shareholder is managing director Lim Thou Lai, holding a 66.12% stake. 

In the third quarter ended July 31, 2025 (3QFY2025), Kawan Renergy posted a 41% rise in net profit to RM7.49 million from RM5.31 million a year earlier, as revenue increased 10% to RM35.05 million from RM31.82 million.

Urusharta Jamaah is the MOF’s vehicle initially set up to acquire underperforming assets from Lembaga Tabung Haji.

Kawan Renergy’s share price has climbed 34% from its low of 58 sen in late August to 75.5 sen, valuing the company at RM423.55 million. The stock has dropped 4.9% year to date.