Koon Yew Yin tightens grip on Jaks Resources, buys 4.17 million shares

Koon Yew Yin tightens grip on Jaks Resources, buys 4.17 million shares
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KUALA LUMPUR (March 17): Jaks Resources Bhd saw veteran stock market investor Koon Yew Yin tightening his grip on the company after he bought 4.17 million shares for a total of RM6.26 million.

In a filing with Bursa Malaysia today, Jaks Resources said Koon bought 2.03 million shares at RM1.46 apiece on March 15, and a day later he bought another 2.14 million shares at RM1.54 each.

This boosted Koon's shareholding in Jaks Resources to 79.65 million shares, equivalent to an 18.17% stake.

Koon had on Feb 22 emerged as a substantial shareholder in Jaks Resources after he acquired 23.88 million shares, equivalent to a 5.45% stake.

Jaks Resources' closing price of RM1.51 today values the power, construction and property developer at a market capitalisation of RM661.93 million.

Meanwhile, at today's closing price, Koon's total stake in Jaks Resources is valued at RM120.27 million.