CEO Morning Brief

Cypark Co-founder and Group CEO Daud Ahmad Ceases to be Substantial Shareholder

Publish date: Thu, 21 Sep 2023, 09:01 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Sept 20): Cypark Resources Bhd co-founder and group chief executive officer Datuk Daud Ahmad has ceased to be the substantial shareholder of the group, after he disposed of six million shares worth RM5.40 million on Tuesday, a Bursa Malaysia filing showed on Wednesday.

Following the disposal, Daud now has a 4.88% stake or 38.34 million shares in the renewable energy and solid waste management company.

The share disposal came less than a week after the group announced the emergence of a new substantial shareholder, Chung Dao, after he acquired 40 million Cypark shares on Sept 14.

Notably, the acquisition happened on the same day Chung Chee Yang ceased to be a substantial shareholder following the disposal of 40 million shares, leaving him with 37.43 million shares or a 4.77% stake.

According to Cypark’s previous filing, Chee Yang once transferred 2.77 million shares to Chung Dao in June.

For the record, Cypark's largest shareholder is Jakel Capital Sdn Bhd, part of Jakel Group, with a 22.51% stake.

Cypark recorded its maiden loss for the fourth quarter ended April 30, 2023, due to impairments and provisioning of RM376 million, including for the waste-to-energy project that was completed this year.

The group is also in the midst of issuing the second tranche of its perpetual sukuk musharakah of up to RM265 million, which will be subscribed by Jakel Capital, to complete two solar power projects in the east coast.

Shares in Cypark closed unchanged at 95 sen on Wednesday, giving it a market capitalisation of RM746.63 million. Since the beginning of the year, the stock has risen by 82.69%.

Read also:
Cypark sees emergence of new substantial shareholder
Chung Chee Yang ceases to be substantial shareholder in Cypark, Perkeso raises stake
Cypark reports maiden net loss after booking RM376m impairments

Source: TheEdge - 21 Sep 2023

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