Socso emerges as substantial shareholder of Cypark

KUALA LUMPUR: The Social Security Organisation (Perkeso) has emerged as a substantial shareholder of Cypark Resources Bhd after buying 42.05 million shares or a 5.49 per cent stake via a direct deal.

Cypark, in a filing to Bursa Malaysia today, saidt the acquisition was done on Feb 3 but the transacted price was not disclosed then.

Perkeso is not the first notable institutional investor that was attracted to Cypark in recent weeks.

Slightly over a month ago, textile trading and property developer Jakel Group – through its investment arm Jakel Capital – emerged as Cypark’s single largest shareholder with a 27.33 per cent stake after subscribing to a private placement.

Cypark’s share price had more than doubling last month, resulting in an unusual market activity query from Bursa Malaysia on Jan 31.

In response, Cypark said the increase in its share price was due to the emergence of Jakel’s as the largest shareholder.

Last week, Cypark announced that it had received the confirmation of feed-in-tariff commencement from Sustainable Energy Development Authority to operate a solid waste modular advanced recovery and treatment waste-to-energy plant at Ladang Tanah Merah in Port Dickson, Negri Sembilan.

Cypark shares closed five sen or 4.6 per cent lower at RM1.03 on Tuesday, giving it a market capitalisation of RM796.3 million.

© New Straits Times Press (M) Bhd

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