Minetech climbs 5.88% to reach five-year high

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KUALA LUMPUR (April 6): Shares in engineering services company Minetech Resources Bhd rose as much as 5.88% or one sen today, reaching a five year high.

At 9:34am, the counter had risen 5.88% to 18 sen, giving it a market capitalisation of RM156.67 million.

Minetech saw 26.64 million shares traded, making it the seventh most actively traded stock on Bursa Malaysia today.

To put this into context, this is 4.7 times over its 200-day average trading volume of 5.66 million shares.

Minetech shares have been on the rise over the past week, following the appointment of Serba Dinamik Holdings Bhd co-founder Datuk Awang Daud Awang Putera as its executive chairman. He replaces Chin Kim Sang, who was redesignated as Minetech’s executive director.

It is worth noting that Awang Daud first emerged as a shareholder in Minetech on Feb 11 this year. Since then, he has been building his stake in the company.

Based on recent bourse filings on Friday, Awang Daud had acquired an additional 5.6 million shares in Minetech, bringing his total holdings in the company to 166.04 million shares or an 18.02% stake.