KUALA LUMPUR (Nov 5): NWP Holdings Bhd, whose share price jumped 23.08% this week, pointed to the emergence of Datuk Lai Keng Onn as its new substantial shareholder, following the receipt of an unusual market activity query from Bursa Securities over the recent jump in its share price and trading volume.
Lai, the founder and managing director of electrical and mechanical engineering services provider Kejuruteraan Asastera Bhd, on Friday (Nov 5) acquired 28.6 million shares that represent a 5.414% interest in NWP from the open market.
The notice of his emergence in the company was announced after trading hours.
"The board is not aware of any possible explanation to account for the trading activity, save for the receipt of the notice of interest of substantial shareholders pursuant to Section 137 of the companies Act, 2016, notifying the acquisition of 5.414% direct interest in the company by Datuk Lai Keng Onn via open market," NWP said in a bourse filing.
NWP shares, which jumped as much as 16.7% or five sen to 35 sen earlier, eventually settled at 32 sen, still up 2 sen or 6.7% from Wednesday (Nov 3)'s close. It was the top most actively traded counter on the local bourse, with 170.24 million shares done.
At its current price, the company’s market capitalisation stands at RM168.45 million.