(Updated)

Serba Dinamik MD Abdul Karim buys one million shares on Friday after selling off entire warrant holdings

Datuk Dr Mohd Abdul Karim Abdullah (Photo by Kenny Yap/The Edge)

Datuk Dr Mohd Abdul Karim Abdullah (Photo by Kenny Yap/The Edge)

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KUALA LUMPUR (Oct 22): In an interesting twist to the event, Serba Dinamik Holdings Bhd managing director (MD) and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah bought one million shares or a 0.03% stake on Friday.

The filing with Bursa Malaysia did not reveal the transaction price.

The share purchase would have cost him RM350,000 based on the closing price of 35 sen.

Mohd Abdul Karim's stake in the oil and gas outfit increased to 21.225% or 787.38 million shares, according to the bourse filing.

Mohd Abdul Karim's stake is worth RM275.58 million based on the last closing price of 35 sen per share.

Serba Dinamik is back in the limelight.

At the 12.30pm market break on Friday, Bursa Malaysia announced that it would suspend the trading of Serba Dinamik securities from 2.30pm until further notice.

"The suspension of Serba's securities is effected pursuant to paragraph 16.02(1)(c) of the Main Market Listing Requirements, in the interest of maintaining an orderly and fair market in the trading of Serba's securities," Bursa said.

Prior to the suspension, Mohd Abdul Karim had sold all of his warrant holdings although the derivative price was near record low prices.

Based on the closing prices on the transaction dates, Mohd Abdul Karim is expected to have netted RM4.3 million from the divestment of the warrants he owned.

Read also:
Bursa orders Serba Dinamik to reveal factual findings on special independent review by Tuesday
Bursa suspends trading of Serba Dinamik securities from 2.30pm on Friday until further notice
Serba Dinamik shares, warrants fall after MD disposes of entire warrant holding
Abdul Karim disposes of entire warrant holdings in Serba Dinamik at near record low prices

Kathy Fong