KUALA LUMPUR (Sept 27): Sarawak Consolidated Industries Bhd’s largest shareholder, Datuk Mohd Abdul Karim Abdullah, has been made the group’s non-executive and non-independent chairman effective Oct 1.

In a bourse filing, the group said Abdul Karim, 54, will replace current chairman Tan Sri Dr Hamid Bugo, 74, who is resigning due to “personal commitments”.

Executive director Rewi Hamid Bugo, 46, will also be resigning from the board effective Oct 1.

Abdul Karim is the founder and managing director of Serba Dinamik Holdings Bhd, on top of being the deputy chairman of Kumpulan Powernet Bhd.

He was made SCIB non-executive director on Aug 1, and as of today, he is SCIB’s largest shareholder, controlling a 50.49% stake.

In a separate bourse filing, SCIB announced that Abdul Karim had acquired 589,700 shares at RM1.10 as part of the mandatory general offer (MGO) launched by him on Aug 15.

The MGO was triggered after he acquired a 20.31% block of SCIB shares from several shareholders for RM19.19 million, which at the time raised his stake in SCIB to 42.84%.

Abdul Karim intends to maintain the listing status of the SCIB on the Main Market of Bursa Malaysia.

He also holds a 22.53% stake in Serba Dinamik, and a 20.04% stake in Kumpulan Powernet.

SCIB shares closed unchanged at RM1.10, valuing the group at RM94.47 million.