Serba Dinamik hits record high of RM3.89
KUALA LUMPUR(July 26): Shares in Serba Dinamik Holdings Bhd hit a record high of RM3.89 this morning—its highest level since the group’s listing on Bursa Malaysia in February last year.
Its share price of RM3.89 was 2.4% higher compared to its last closing price of RM3.80, and more than double of its initial public offering price of RM1.50.
Last week, the group announced its first venture into Laos. The group had secured an engineering, procurement, construction and commissioning (EPCC) contract to build two hydro power plants in Laos, which will have the capacity to generate 30 megawatt (MW) of electricity for US$66.2 million, equivalent to RM268.8 million.
The contract was awarded by Nam Taep 1,2,3 Hydropower Co Ltd to its wholly-owned subsidiary Serba Dinamik International Ltd, which is valid throughout the next 43 months or 3.6 years.
The group also announced last week that Serba Dinamik International has proposed to subscribe for 51.81 million of new shares, equivalent to a 15% stake, in Green & Smart Holdings Plc (GSH), which was listed on the London Stock Exchange’s AIM Market on May 12, 2016, for £3.21 million, or RM16.99 million.
The proposed share subscription will enable Serba Dinamik to tender for EPCC works under GSH, which is controlled by Malaysian Technology Development Corporation Sdn Bhd, Saravanan Rasaratnam and Navindran Balakrishnan.
[Source: “Serba Dinamik hits record high of RM3.89” published by theedgemarkets.com]