Abdul Karim no longer a shareholder in SCIB after forced selling of shares

KUALA LUMPUR (July 10): Sarawak Consolidated Industries Bhd’s (SCIB) former chairman Datuk Mohd Abdul Karim Abdullah has ceased to be a shareholder in the company, after having his 139.67 million shares, or 23.996% stake, disposed of due to force-selling.

Abdul Karim was the largest shareholder in the concrete product manufacturer after he acquired a 22.53% stake or 19.35 million shares for 70 sen apiece, or RM13.54 million, in May 2019.

This was followed by an attempt by Abdul Karim and other interested parties to take over the company at RM1.10 per share in August 2019, after they raised their stake to 40.84%.

Abdul Karim is also co-founder and chairman of troubled engineering group Serba Dinamik Holdings Bhd. In October last year, he was redesignated in SCIB as non-executive director, before his board exit this year when he opted against reelection.

Earlier in June, SCIB said Abdul Karim’s name was not found on the record of depositors. Prior to this, Bursa Malaysia’s latest update on Abdul Karim’s shareholding was dated Dec 8, 2022.

Around the same time in June, SCIB saw the appointment of Abang Abdillah Izzarim Abang Abdul Rahman Zohari as its new executive chairman, among a slew of boardroom changes in the company. Abang Abdillah is the son of Sarawak premier Tan Sri Abang Abdul Rahman Zohari Abang Openg.

SCIB’s shareholding is fragmented, with no single party holding a substantial stake of at least 5%. Sarawak Economic Development Corp (SEDC) held a 4.05% stake , while Gabungan Parti Sarawak (GPS) MP and Deputy Minister Datuk Seri Huang Tiong Sii held 27.01 million shares or a 4.22% stake, according to SCIB’s annual report dated Sept 30, 2022.

Shares of SCIB peaked at RM2.67 in January 2021. However, continued losses since 2021 have weighed on the company’s shares and erased optimism. SCIB’s shares last traded at 45.5 sen on Monday, giving the group a market capitalisation of RM291.38 million.