KUALA LUMPUR: Mohd Nazifuddin Najib, one of the sons of Prime Minister Datuk Seri Najib Razak, has resigned as director of Harvest Court Industries Bhd, the company that was designated by Bursa Malaysia last week after the stock saw a signficiant rise in its share price.
The 28-year-old, who was appointed to Harvest Court’s board on Oct 28, is still chairman of a string of private companies, including 1Green Enviro Sdn Bhd and Sagajuta (Sabah) Sdn Bhd, according to a company filing yesterday.
His appointment came together with the emergence of Datuk Raymond Chan Boon Siew, the major shareholder of Sagajuta group of companies.
At the time of writing, there was no change to the status of Chan, 39, managing director of 1Green Enviro and the Sagajuta group of companies, who was appointed a Harvest Court director the same day as Nazifuddin. Chan had a 15.7% stake in Harvest Court as at Nov 11 while Nazifuddin hold 3.98 million Harvest Court shares or 2.2% equity interest.
Adding four sen to close at RM1.40 yesterday with about three million shares done, Harvest Court lost just over one-third of its value from the high of RM2.14 it hit on Nov 14 when Bursa decided to impose trading curbs on the stock due to the frenzy of speculation surrounding it. The counter was classified a designated stock effective Nov 16, mandating upfront payment for the purchase of its shares.
At RM1.40, it is still 18 times the 7.5 sen it was fetching on Sept 27 before prices began running on heavy trade, but recovered from last Thursday’s RM1.04 apiece.
This article appeared in The Edge Financial Daily, November 22, 2011.
The 28-year-old, who was appointed to Harvest Court’s board on Oct 28, is still chairman of a string of private companies, including 1Green Enviro Sdn Bhd and Sagajuta (Sabah) Sdn Bhd, according to a company filing yesterday.
His appointment came together with the emergence of Datuk Raymond Chan Boon Siew, the major shareholder of Sagajuta group of companies.
At the time of writing, there was no change to the status of Chan, 39, managing director of 1Green Enviro and the Sagajuta group of companies, who was appointed a Harvest Court director the same day as Nazifuddin. Chan had a 15.7% stake in Harvest Court as at Nov 11 while Nazifuddin hold 3.98 million Harvest Court shares or 2.2% equity interest.
Adding four sen to close at RM1.40 yesterday with about three million shares done, Harvest Court lost just over one-third of its value from the high of RM2.14 it hit on Nov 14 when Bursa decided to impose trading curbs on the stock due to the frenzy of speculation surrounding it. The counter was classified a designated stock effective Nov 16, mandating upfront payment for the purchase of its shares.
At RM1.40, it is still 18 times the 7.5 sen it was fetching on Sept 27 before prices began running on heavy trade, but recovered from last Thursday’s RM1.04 apiece.
This article appeared in The Edge Financial Daily, November 22, 2011.
