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Minetech's recently appointed chairman Awang Daud raises stake to 24%

TheEdge Wed, Jul 08, 2020 05:08pm - 3 months ago

KUALA LUMPUR (July 8): Minetech Resources Bhd executive chairman Datuk Awang Daud Awang Putera has raised his stake in the aggregate mining firm by 7.25% or 111.69 million shares since his appointment to the top post over three months ago.

A filing with Bursa Malaysia today showed that the co-founder of Serba Dinamik Holdings Bhd bought one million Minetech shares at 31 sen each yesterday, bringing his total equity interest in the firm to 24.16% or 267.49 million shares.

Awang Daud has been accumulating shares in Minetech, having emerged as a substantial shareholder of the company on Feb 11 — less than two months before he was roped into the firm as the executive chairman on March 31.

He also sits on the board of Serba Dinamik as a non-independent and non-executive director, and serves as a member of the group’s investment and management committees.

Mintech operates an expanding network of nine quarries around Malaysia and overseas, according to its website. The group provides specialised civil engineering works, including drill and blast services, earthworks, road pavement projects and building construction.

Minetech’s share price was up 3.5 sen or 11.29% at a new high of 34.5 sen as at the time of writing. A total of 142.44 million shares were traded.

Year to date, the stock had risen by 475% or 28.5 sen.

At the current price, the company was valued at RM376.6 million.

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