KUALA LUMPUR (Feb 4): Grand Deal Vision Sdn Bhd had disposed of its share via a direct business transaction (DBT), clarified KPower Bhd in amendments to the bourse filings it made on Thursday (Feb 3).
“The reason for the circumstance of change should be disposal via DBT instead of forced sell in the previous announcement,” said the construction and engineering solutions provider, in reference to its previous filings on the disposal of shares by its second-largest shareholder.
On Thursday, it said Grand Deal Vision had disposed of 500,000 shares or a 0.092% stake in KPower for 35 sen apiece on Jan 31, with the transaction also reducing the deemed interest of KPower executive chairman and group managing director Mustakim Mat Nun and non-independent non-executive director Sarah Azreen Abdul Samat.
Separately, the group reported that KPower chief financial officer Amirul Afif Abd Aziz disposed of 650,000 shares or a 0.12% stake in the group on Jan 31.
According to Bloomberg data, Kenanga Investors Bhd is the biggest shareholder of KPower with a 16.3% stake, followed by Grand Deal Vision (8.52%) and Mustakim (6.7%).
KPower's share price has been trending downwards since May 2021, amid the audit issues at its sister company Serba Dinamik Holdings Bhd.
Serba Dinamik managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah was previously the non-independent and non-executive chairman of KPower, prior to his resignation last December.
Abdul Karim also ceased to be a substantial shareholder of KPower on Jan 13, after disposing of 79.05 million shares in a series of transactions between February 2021 and January 2022.
Over the past one year, KPower's share price has dropped 85% since its closing of RM2.40 on Feb 3, 2021.
As at 3.20pm on Friday (Feb 4), the counter was down one sen or 2.8% at 35 sen, giving it a market capitalisation of RM190 million.