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Hot Stock Sersol erases gains on PM’s son stake
by Cals Wed 25 Sep 2013, 16:42
Hot Stock Sersol erases gains on PM’s son stake
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 25 September 2013 15:21
KUALA LUMPUR (Sept 25): SerSol Bhd rose as much as 2% before erasing gains. Dealers said this came on news that Mohd Nazifuddin Mohd Najib who is prime minister Datuk Seri Najib Tun Razak's son, has acquired a 20.76% stake in the industrial chemical producer.
At 3.06pm, the ninth most-active stock on the exchange was traded at 99.5 sen with some 29 million million shares done. SerSol shares had earlier risen as much as two sen to RM1.07.
"The stock is actively traded because of the news," a dealer told theedgemalaysia.com over telephone.
SerSol said today Mohd Nazifuddin has become a major shareholder in the firm after buying 40 million shares in the company 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.
Meanhile, RHB Research Institute Sdn Bhd technical analyst Mohammad Ashraf Abu Bakar said the research firm has technical target prices of between 90 and 95 sen for Sersol.
"Buy on rally continuation above MYR0.80," Mohammad Ashraf said.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 25 September 2013 15:21
KUALA LUMPUR (Sept 25): SerSol Bhd rose as much as 2% before erasing gains. Dealers said this came on news that Mohd Nazifuddin Mohd Najib who is prime minister Datuk Seri Najib Tun Razak's son, has acquired a 20.76% stake in the industrial chemical producer.
At 3.06pm, the ninth most-active stock on the exchange was traded at 99.5 sen with some 29 million million shares done. SerSol shares had earlier risen as much as two sen to RM1.07.
"The stock is actively traded because of the news," a dealer told theedgemalaysia.com over telephone.
SerSol said today Mohd Nazifuddin has become a major shareholder in the firm after buying 40 million shares in the company 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.
Meanhile, RHB Research Institute Sdn Bhd technical analyst Mohammad Ashraf Abu Bakar said the research firm has technical target prices of between 90 and 95 sen for Sersol.
"Buy on rally continuation above MYR0.80," Mohammad Ashraf said.
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