KUALA LUMPUR (Aug 8): Handal Resources Bhd group managing director (MD) Sunildeep Singh Dhaliwal is likely to build up his stake in the offshore crane services company after emerging as a substantial shareholder recently.

Yesterday, Sunildeep gave notice to deal with the offshore crane services company’s shares during the closed period pending the announcement of its second-quarter results for the period ended June 30, 2018.

In a filing with Bursa Malaysia yesterday, Handal said it had received notification from Sunildeep, who holds 7.357% of Handal shares via his private investment vehicle Borneo SeaOffshore Sdn Bhd, of his intention to deal in the company’s shares during the closed period.

On July 30, Handal had announced a new leadership structure, which saw Sunildeep become group MD, replacing Mallek Rizal Mohsin, who remains on the group’s board as executive vice-chairman.

It also announced the redesignation of its founder and executive chairman Datuk Mohsin Abdul Halim as the group’s non-independent non-executive chairman and the replacement of three board members.

Sunildeep had told The Edge Financial Daily in an Aug 1 interview that he is undertaking a strategic review of Handal's business over the next two months, at the end of which the new management will have a clear business direction for the loss-making company.

He added that he hoped to drive the company to profitable growth in two years.

Handal shares ended the morning session up 2.5 sen or 5.62% at 47 sen today, with 841,600 shares done, bringing a market capitalisation of RM75 million.