Mohd Karim disposes more KPower warrants

Datuk Dr Mohd Abdul Karim Abdullah

Datuk Dr Mohd Abdul Karim Abdullah

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KUALA LUMPUR (June 14): KPower Bhd chairman and largest shareholder Datuk Dr Mohd Abdul Karim Abdullah has disposed of 2.92 million company warrants, a company filing to the exchange today showed.

The warrants were sold at 28.91 sen apiece or a total of RM843,401 on June 11, leaving Mohd Karim with 3.33 million warrants or 2.21%. He had sold 6.31 million warrants earlier this month.

The one-for-one warrants expire in 2026 with an exercise price of RM2.50 each.

Mohd Karim also owns 146.39 million shares or a 32.36% stake in KPower, making it one of two listed sister companies of Serba Dinamik Holdings Bhd by virtue of a common shareholder. He owns 27.07% in Serba Dinamik.

KPower shares have retreated by over 38% amid the negative sentiment, after Serba Dinamik revealed on May 25 certain audit findings flagged by its auditor involving transactions amounting to RM4.54 billion.

However, the counter rebounded 13.46% or 14 sen today to settle at RM1.18, after Serba announced the appointment of EY as the independent audit reviewer, as well as the appointment of three new independent directors to form the independent review committee.

KPower warrants meanwhile, closed up 3.5 sen or 12.7% at 31 sen. Serba Dinamik’s share price also rebounded to close 14 sen or 23.14% higher at 74.5 sen.

Another one of Serba Dinamik’s sister company, Sarawak Consolidated Industries Bhd, also rose 9.5 sen or 12.1% to close at 88 sen. Mohd Karim owns 37.01% in the construction and infrastructure outfit.

Jenny Ng