SCIB’s shares jump on retrading

by ASILA JALIL / pic credit:

SHARES of Sarawak Consolidated Industries Bhd (SCIB) attracted investor interest with SCIB rising some 31.7% after Bursa Malaysia lifted its trading suspension.

SCIB became the third most actively traded counter yesterday, rising by 6.5 sen to close at 27 sen yesterday, giving it a market capitalisation of RM119.32 million.

SCIB’s shares resumed trading after the group submitted its annual report for the financial year ended June 30, 2021, on Monday.

Trading for the group’s shares had been suspended since Nov 9, 2021, after it failed to submit its annual report by Nov 8 as instructed by the local bourse. The company is slated to hold its AGM on Feb 20, 2022.

KPower Bhd shares, meanwhile, rose one sen to 42.5 sen on news of the exit of Datuk Mohd Abdul Karim Abdullah as its substantial shareholder.

Abdul Karim had resigned as KPower’s non-independent non-executive chairman on Dec 14.

He is currently chairman and substantial shareholder of SCIB with a 24% stake.

The Serba Dinamik Holdings Bhd MD and CEO as well as substantial shareholder is facing court charges brought against him by the Securities Commission Malaysia. The case will be heard on Jan 27.

Trading in Serba Dinamik’s shares have remained suspended since Oct 22 last year.