KUALA LUMPUR (Dec 11): Ipmuda Bhd, which was slapped with an unusual market activity (UMA) query by the bourse earlier today, highlighted recent changes in its board of directors, substantial shareholders’ shareholdings, as well as contract wins in its response to Bursa Securities.
In a filing, the building materials trader said Tan Sri Abu Sahid Mohamed had ceased as its substantial shareholder on Dec 3, following the disposal of 2.55 million shares by Maju Holdings Sdn Bhd, as well as the changes in shareholdings of parties related to the businessman, namely Maju Holdings, Beroz Nikmal Mirdin and Nurhaida Abu Sahid.
The tycoon, who has been trimming his direct and indirect stake in Ipmuda between June and November this year, had also transferred some of his directly-held shares to his daughter, Nurhaida.
In its filing, Ipmuda also noted that its board had fixed the issue price for the first tranche of its private placement exercise at 56 sen per share earlier this week, and that it had bagged an engineering, procurement, construction and commissioning (EPCC) contract worth RM78 million from Coara Marang Sdn Bhd in September.
It also pointed to changes in its board of directors in June, when Beroz Nikmal was appointed as executive chairman in place of Abu Sahid, while Jeefri Muhamad was appointed as chief executive officer, following the resignation of Datuk Sim Choo Thiam as managing director.
At the same time, two independent non-executive directors — Datuk David Rashid Ghazalli and Datuk Maarof HA Rahman resigned — while Baevinraj Thiagarajah, Datuk Amiruddin Abdul Satar and Abdul Halim Jantan were appointed as independent non-executive directors.
“Other than the above, the board is not aware of any rumour or report concerning the business and affairs of Ipmuda that may account for the trading activity,” said the group, adding it is unaware of any other possible explanation to account for the trading activity.
Earlier today, the bourse queried the group over the recent sharp rise in its share price and volume, which lifted the stock to its highest in over four years.
The counter rose as much as 40% today to touch a four-year high of RM1.05. It eventually settled for a 12 sen or 16% gain, closing at 87 sen, translating to a market capitalisation of RM63.1 million.
Year-to-date, Ipmuda has gained 142% since its closing of 36 sen on Dec 31, 2019.