Koon Yew Yin buys 5.45% stake in Jaks Resources

Koon Yew Yin buys a 5.45% stake in Jaks Resources

Koon Yew Yin buys a 5.45% stake in Jaks Resources

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KUALA LUMPUR (Feb 22): Investor Koon Yew Yin, a philanthropist who is well known for his good stock pick, has emerged as a substantial shareholder of Jaks Resources Bhd, after he has bought 23.88 million shares or a 5.45% stake in the company.

According to a filing with Bursa Malaysia today, Koon bought the shares last Thursday. It is not known at what price Koon had bought the shares.

Jaks Resources has commenced the construction of a power plant, which it will operate for 25 years, in Hai Duong Province, Vietnam. The construction works have helped to boost its earnings substantially.

Jaks Resources' net profit jumped 134.52% to RM13.86 million in the third quarter ended Sept 30, 2016 (3QFY16) from RM5.91 million a year ago, mainly on higher profit from construction.

Revenue expanded 83.2% to RM209.12 million from RM114.15 million, mainly contributed by construction division — primarily from the Vietnam engineering, procurement and construction revenue.

Jaks Resources closed unchanged at RM1.31 today, with 5.28 million shares traded, for a market capitalisation of RM574.25 million. The counter has been trending upwards since the beginning of the year, rising over 28%.