KUALA LUMPUR: Naim Indah Corp Bhd, which saw its share price surge by 172.2% to close at 49 sen yesterday, announced six new shareholders including Datuk Raymond Chan Boon Siew.
Prior to the announcement, Naim Indah hit limit-up, surging 30 sen to 48 sen yesterday morning and was the second most active stock on Bursa with 267.37 million shares changing hands. This represented 37.9% of its 702.03 million total issued shares.
Naim Indah announced that Crest Energy Sdn Bhd, its major shareholder, had disposed its whole 22.8% stake to six individuals yesterday.
Among the six individuals, Chan, a major shareholder and exective director of Harvest Court Industries Bhd, will hold the largest stake of 12.11% or 85 million shares. Chan is also the managing director of Sagajuta (Sabah) Sdn Bhd, a property developer.
The other individuals emerging in Naim Indah are Ng Kian Huat with a 3.99% stake, followed by Woo Sew Kew (2.56%), Leow Sien Kuan (2.28%), Krishna Bhatt @ Achong (0.98%) and Chong Kok Loong (0.88%).
Chan came into the limelight after he bought into Harvest Court in the last quarter of 2011.
He subsequently awarded more than a billion ringgit worth of construction contracts to Harvest Court, which saw its share price climbed from 12 sen to as high as RM2 last year, an increase of more than 16-fold.
Chan was reported as saying that he was injecting assets into Harvest Court to help turn around the loss-making company.
Speculation is that Chan could possibly do the same for Naim Indah, which has been loss-making since 2008.
“He could possibly inject assets of his Sagajuta group into Naim Indah, such as the 1Borneo Hypermall in Kota Kinabalu, Sabah which is worth more than RM400 million together with several other projects,” said a market observer.
Naim Indah’s core activities are in property investment, property development and round logs timber extraction.
For its 3QFY11 ended Sept 2011, it posted a net loss of RM2.21 million against revenue of RM12.96 million.
For the nine months to Sept 30, 2011, Naim Indah posted a net loss of RM1.83 million on revenue of RM20.03 million. During the period, its property development segment accounted for 51.6% of revenue, followed by timber extraction (34.2%), and property management (14.2%).
For FY10 ended Dec 31, the company posted a net loss of RM18.36 million on revenue of RM12.52 million.
As of Sept 30, 2011, Naim Indah had cash reserves of RM512,000 against borrowings of RM18.91 million. Its net asset per share stood at 11 sen as at Sept 30, 2011.
This article appeared in The Edge Financial Daily, February 9, 2012.
Prior to the announcement, Naim Indah hit limit-up, surging 30 sen to 48 sen yesterday morning and was the second most active stock on Bursa with 267.37 million shares changing hands. This represented 37.9% of its 702.03 million total issued shares.
Naim Indah announced that Crest Energy Sdn Bhd, its major shareholder, had disposed its whole 22.8% stake to six individuals yesterday.
Among the six individuals, Chan, a major shareholder and exective director of Harvest Court Industries Bhd, will hold the largest stake of 12.11% or 85 million shares. Chan is also the managing director of Sagajuta (Sabah) Sdn Bhd, a property developer.
The other individuals emerging in Naim Indah are Ng Kian Huat with a 3.99% stake, followed by Woo Sew Kew (2.56%), Leow Sien Kuan (2.28%), Krishna Bhatt @ Achong (0.98%) and Chong Kok Loong (0.88%).
Chan came into the limelight after he bought into Harvest Court in the last quarter of 2011.
Chan is speculated to be injecting assets of his Sagajuta group into Naim Indah.
He subsequently awarded more than a billion ringgit worth of construction contracts to Harvest Court, which saw its share price climbed from 12 sen to as high as RM2 last year, an increase of more than 16-fold.
Chan was reported as saying that he was injecting assets into Harvest Court to help turn around the loss-making company.
Speculation is that Chan could possibly do the same for Naim Indah, which has been loss-making since 2008.
“He could possibly inject assets of his Sagajuta group into Naim Indah, such as the 1Borneo Hypermall in Kota Kinabalu, Sabah which is worth more than RM400 million together with several other projects,” said a market observer.
Naim Indah’s core activities are in property investment, property development and round logs timber extraction.
For its 3QFY11 ended Sept 2011, it posted a net loss of RM2.21 million against revenue of RM12.96 million.
For the nine months to Sept 30, 2011, Naim Indah posted a net loss of RM1.83 million on revenue of RM20.03 million. During the period, its property development segment accounted for 51.6% of revenue, followed by timber extraction (34.2%), and property management (14.2%).
For FY10 ended Dec 31, the company posted a net loss of RM18.36 million on revenue of RM12.52 million.
As of Sept 30, 2011, Naim Indah had cash reserves of RM512,000 against borrowings of RM18.91 million. Its net asset per share stood at 11 sen as at Sept 30, 2011.
This article appeared in The Edge Financial Daily, February 9, 2012.
