Kuala Lumpur: Mohd Nazifuddin Mohd Najib has quit from the board of Harvest Court Industries Bhd, less than a month after he was appointed to the board.
Mohd Nazifuddin was appointed non-executive director of Harvest Court in late October, alongside Datuk Raymond Chan Boon Siew.
Chan is the managing director of the Sagajuta group of companies and 1Green Enviro Sdn Bhd. The 28-year-old Mohd Nazifuddin also sits on the boards of 1Green Enviro and Sagajuta (Sabah) Sdn Bhd.
Chan controls about 15.7 per cent of Harvest Court, while filings to the stock exchange show that Mohd Nazifuddin holds nearly four million Harvest Court shares.
Chan’s Sagajuta received considerable press mileage after the company was linked to a possible takeover of Jerneh Asia Bhd, a company controlled by the country’s richest man, Robert Kuok Hock Nien.
Within months after the deal fell through, Chan emerged in Harvest Court, fuelling speculation that Sagajuta’s assets might be injected into Harvest Court.
Speculation of an imminent corporate deal helped push Harvest Court shares and its warrants up by more than 100 per cent.
Chan, however, maintained that he only plans to offer construction contracts to Harvest Court to help turn around the loss-making company.
In early November, he told Business Times that Sagajuta (Sabah) has close to RM1.2 billion worth of construction contracts.
Meanwhile, on the trading floor yesterday, Harvest Court shares and its warrants faced heavy selling pressure in the final hour of trading.
The mother share, which was traded as high as RM1.60 before lunch, ended the day four sen up at RM1.40.
The warrants, which were traded higher most part of the day, closed 11 sen lower at RM1.04.
Harvest Court was declared as a designated stock on November 14 2011 after regulator Bursa Malaysia Bhd issued a query on the company's unusual market activity, followed by an investors alert issue.
As a designated security, investors who want to buy either the mother share or the warrant will have to pay cash up front, and hold the securities for a minimum of three trading days before they can sell them.
The stock has gained over 400 per cent between November 1 and November 14.
Still, there was buying support on Harvest Court securities over the past two days. It is estimated that investors had spent as much as RM28 million over the past two trading days to buy the mother and baby.
At yesterday's closing, its share price was almost 300 per cent higher than what it was trading at early this month (40 sen).
Mohd Nazifuddin was appointed non-executive director of Harvest Court in late October, alongside Datuk Raymond Chan Boon Siew.
Chan is the managing director of the Sagajuta group of companies and 1Green Enviro Sdn Bhd. The 28-year-old Mohd Nazifuddin also sits on the boards of 1Green Enviro and Sagajuta (Sabah) Sdn Bhd.
Chan controls about 15.7 per cent of Harvest Court, while filings to the stock exchange show that Mohd Nazifuddin holds nearly four million Harvest Court shares.
Chan’s Sagajuta received considerable press mileage after the company was linked to a possible takeover of Jerneh Asia Bhd, a company controlled by the country’s richest man, Robert Kuok Hock Nien.
Within months after the deal fell through, Chan emerged in Harvest Court, fuelling speculation that Sagajuta’s assets might be injected into Harvest Court.
Speculation of an imminent corporate deal helped push Harvest Court shares and its warrants up by more than 100 per cent.
Chan, however, maintained that he only plans to offer construction contracts to Harvest Court to help turn around the loss-making company.
In early November, he told Business Times that Sagajuta (Sabah) has close to RM1.2 billion worth of construction contracts.
Meanwhile, on the trading floor yesterday, Harvest Court shares and its warrants faced heavy selling pressure in the final hour of trading.
The mother share, which was traded as high as RM1.60 before lunch, ended the day four sen up at RM1.40.
The warrants, which were traded higher most part of the day, closed 11 sen lower at RM1.04.
Harvest Court was declared as a designated stock on November 14 2011 after regulator Bursa Malaysia Bhd issued a query on the company's unusual market activity, followed by an investors alert issue.
As a designated security, investors who want to buy either the mother share or the warrant will have to pay cash up front, and hold the securities for a minimum of three trading days before they can sell them.
The stock has gained over 400 per cent between November 1 and November 14.
Still, there was buying support on Harvest Court securities over the past two days. It is estimated that investors had spent as much as RM28 million over the past two trading days to buy the mother and baby.
At yesterday's closing, its share price was almost 300 per cent higher than what it was trading at early this month (40 sen).
