KUALA LUMPUR (Feb 22): Investor Koon Yew Yin, a philanthropist who is well known for his good stock pick, has emerged as a substantial shareholder of Jaks Resources Bhd, after he has bought 23.88 million shares or a 5.45% stake in the company.
According to a filing with Bursa Malaysia today, Koon bought the shares last Thursday. It is not known at what price Koon had bought the shares.
Jaks Resources has commenced the construction of a power plant, which it will operate for 25 years, in Hai Duong Province, Vietnam. The construction works have helped to boost its earnings substantially.
Jaks Resources' net profit jumped 134.52% to RM13.86 million in the third quarter ended Sept 30, 2016 (3QFY2016) from RM5.91 million a year ago, mainly on higher profit from construction.
Revenue expanded 83.2% to RM209.12 million from RM114.15 million, mainly contributed by construction division — primarily from the Vietnam engineering, procurement and construction revenue.
Jaks Resources closed unchanged at RM1.31 today, with 5.28 million shares traded, for a market capitalisation of RM574.25 million. The counter has been trending upwards since the beginning of the year, rising over 28%. — theedgemarkets.com
For more stories, download TheEdgeProperty.com pullout here for free.
TOP PICKS BY EDGEPROP
Taman College Heights (Sikamat)
Seremban, Negeri Sembilan
HIJAYU 2 - RESORT HOMES
Seremban, Negeri Sembilan
TAMAN DATO ABDUL SAMAD
Port Dickson, Negeri Sembilan
Pearl Residences (Taman Saujana Mutiara)
Cheras South, Selangor
Jalan Makyong, Bandar Bukit Raja
Klang, Selangor
Taman Tepi Sungai ( Taman Teluk Pulai Indah )
Klang, Selangor
Pulau Indah ( Pulau Lumut )
Port Klang, Selangor