KUALA LUMPUR: Kumpulan Powernet Bhd shares continued their uptrend yesterday, surpassing Wednesday’s record high, making it Bursa Malaysia’s seventh biggest gainer of the day.

The stock climbed as much as 15.08% or 38 sen to RM2.90 earlier, before paring some gains. On market close, the stock settled at RM2.77, still up 25 sen or 9.92%, giving it a market capitalisation of RM218.55 million. Some 4.12 million shares were traded.

The counter has gained over 600% in the past 12 months. With yesterday’s jump, Kumpulan Powernet has almost doubled its market value since the start of the year. This week alone, the stock has climbed some 40%.

The latest corporate development at Kumpulan Powernet happened on Tuesday, when it announced it has secured a hydropower project worth US$15.88 million (RM65.74 million) in Laos.

But the renewed interest, said an analyst with a local bank, could have been driven by recent discussions between the management and potential investors, analysts and shareholders on the company’s plans – although it is understood that everything is at early stages at this juncture.

Kumpulan Powernet, which welcomed Serba Dinamik Holdings Bhd’s founder Datuk Dr Mohd Abdul Karim Abdullah as its new major shareholder late last year, has been reportedly eyeing a bigger role in the energy, utility, logistics, and infrastructure sectors. It has also set an ambitious order book target of RM1 billion by June 30 this year. At that time, the group was bidding for some RM2.5 billion worth of jobs.

When contacted, Mohd Abdul Karim, currently Kumpulan Powernet’s non-executive chairman, told theedgemarkets.com that the group will make the necessary announcements on its detailed plans for growth, pending approval from the necessary parties and authorities. He said he wants to nurture Kumpulan Powernet as part of the vendor partnership programme under the ministry of entrepreneur development and cooperatives, citing how he and Serba Dinamik were part of a similar vendor programme undertaken by Petroliam Nasional Bhd.

“With the same spirit, we have a pledge and commitment with the Malaysian government to work as an anchor vendor to bring potential companies to new heights,” added Mohd Abdul Karim. As at Oct 16, 2019, Mohd Abdul Karim controlled 37.77% in Kumpulan Powernet. Other substantial shareholders are Grand Deal Vision Sdn Bhd, the private vehicle for Kumpulan Powernet managing director Mustakim Mat Nun.