Highlight: PM’s son buys 21% in SerSol

Highlight: PM’s son buys 21% in SerSol | Print |
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 25 September 2013 14:52

KUALA LUMPUR (Sept 25): Mohd Nazifuddin Mohd Najib who is prime minister Datuk Seri Najib Tun Razak's son, has acquired a 20.76% stake in SerSol Bhd.

In separate statements to the exchange today, SerSol said Mohd Nazifuddin has become a major shareholder in the industrial chemical producer after buying 40 million shares in the firm today.

Mohd Nazifuddin purchased the stake via private vehicle SerSol Holdings Sdn Bhd. He jointly owns SerSol Holdings with Lim Kim Chai who has also emerged as a substantial shareholder in SerSol.

According to Sersol, Mohd Nazifuddin and Lim acquired the stake in the firm from its former managing director Tan Fie Ping and his brother Fie Jen.

Both Fie Ping and Fie Jen have ceased to be substantial shareholders in the company today.

Fie Ping had resigned on September 2 this year as Sersol's managing director “due to personal reason”, according to the company.

Mohamed Ridzuan Nor Md had assumed the post on the same day.

Today, SerSol shares had settled flat at RM1.05 at 12.30pm. At that price, the 20.76% stake is worth RM42 million.

Shares of Sersol had gained 501% this year, significantly outperforming the FBM KLCI's 6% rise.

The stock fell three sent to RM1.02 at 2.43pm.

SerSol had on September 4 this year signed a memorandum of understanding (MOU) with the Malaysia Malay Contractor Association (Persatuan Kontraktor Melayu Malaysia).

According to Sersol, the MOU signifies the company's intention to supply paint coatings under the brand name of "Paint Products Cat1Malaysia (C1M)" to the association's members.