Nazifuddin, Lim buy 20.76pc Sersol stake
KUALA LUMPUR: Mohd Nazifuddin Mohd Najib and Lim Kim Chai have emerged as major shareholders of industrial chemical maker Sersol Bhd.
Both jointly own an indirect 20.76 per cent stake after they bought about 40 million shares from several individuals, according to filings to Bursa Malaysia yesterday.
Nazifuddin and Lim bought the stake via Sersol Holdings Sdn Bhd, from among others, former managing director Tan Fie Ping and his brother Tan Fie Jen.
The ACE Market-listed company's stock slipped three sen yesterday, closing at RM1.02. This was on the back of the FTSE Bursa Malaysia ACE Index gaining 3.47 points to close at 5,492.05 points.
Business Times recently reported, quoting Sersol's new managing director Mohamed Ridzuan Mohd Nor, that the company plans to draw up a three-year roadmap to migrate to the Main Market.
Sersol has about RM9.1 million in cash as at end of June this year.
A company will have to produce an uninterrupted after-tax profit of RM20 million over a period of between three and five financial years, with an after-tax profit of RM6 million in the year the transfer application is made.
"We can do it organically or via mergers and acquisitions. We are not lacking in cash due to our restructuring exercise," Mohamed Ridzuan said.
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