Jiankun International (former Nagamas)

Jiankun International (former Nagamas)

Postby winston » Thu Jan 08, 2015 8:18 am

not vested

Donald Lim emerges as substantial shareholder in Jiankun

KUALA LUMPUR (Jan 7): Former Deputy Minister of Finance Datuk Donald Lim Siang Chai, 59, has emerged as a substantial shareholder in property developer and aviation services provider Jiankun International Bhd (Financial Dashboard).

A filing with Bursa Malaysia this evening revealed Lim holds 13.51 million shares or 8.91% stake in JianKun, after subscribing for 13 million shares under a rights issue with free detachable warrants.

To recap, Jiankun — previously known as Nagamas International Bhd — had in December completed a renounceable rights issue, together with free detachable warrants. The rights issue was fixed at 25 sen apiece.

It is worth noting that Jiankun counts Tan Sri Abdul Aziz Abdul Rahman, 81, as its independent non-executive director.

Abdul Aziz was formerly the managing director and chief executive of national carrier Malaysian Airline System Bhd (MAS) ( Financial Dashboard), which was recently taken private by Khazanah Nasional Bhd.

He is also one of the directors in Jentayu Danaraksa Sdn Bhd, which was recently in the limelight for having publicly announced an RM8.75 billion offer to buy Penerbangan Malaysia Bhd from Khazanah, so as to help restructure the debt-laden MAS.

JianKun slipped into a net loss in the first quarter ended March 31, 2014 (1QFY14), barely after it returned to the black in FY13.

For the cumulative nine months to Sept 30, 2014 (9MFY14), Jiankun saw its net loss widen to RM1.64 million or 3.23 sen per share, from RM863,000 or 1.7 sen per share; while revenue plunged 43% to RM3.13 million, from RM5.46 million a year ago, as it ceased its services division.

The stock closed 9.3% or 2 sen higher to 23.5 sen today, giving it a market capitalisation of RM35.88 million.

Source: The Edge
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