MASTERWORDSMITH UNPLUGGED
Recently, many speculators were rattled with the news that the 28-year-old son of our PM, Nazifuddin Najib, resigned from the board of Harvest Court Industries Bhd as independent director barely 25 days after he was appointed to the board on October 28th this year. Currently, he still owns 3.98 million Harvest Court shares.
Nazifuddin is the chairman of 1Green Enviro Sdn Bhd, Magna Healthcare Sdn Bhd, Cahaya Pedoman Sdn Bhd, Tribus Sdn Bhd and Sagajuta (Sabah) Sdn Bhd. He also the director of Kingtime International Ltd and Dynac Sdn Bhd.
According to The Sun:
Shares in designated counter Harvest Court Industries Bhd nose-dived yesterday in an apparent reaction to the resignation of former director Mohd Nazifuddin Mohd Najib on Monday, barely a month after his entry helped spark a massive surge in the stock.
At the close, Harvest Court’s share price tumbled 43 sen, or 31% to 97 sen on volume of 251,700 shares. Its warrants declined 30% to 73 sen.
Harvest Court attracted huge speculative interest earlier this month after Nazifuddin and business partner Datuk Raymond Chan were made directors of the company on Oct 28.
Investors were apparently punting on hopes that Nazifuddin, the 28-year-old son of Prime Minister Datuk Seri Najib Abdul Razak, would open up new opportunities for the door maker. Within days of his appointment, shares in Harvest Court had soared from 40 sen to as high as RM2.13 on Nov 14.
The massive surge immediately drawn close scrutiny from the investing public, as well as the stock market regulator.
Bursa Malaysia Securities flagged Harvest Court as a designated counter from Nov 15 in a bid to limit what was viewed as excessive speculative activities in the stock.
Nazifuddin’s decision to step down may help to take some heat off Harvest Court.
Nazifuddin, who owns 2.2% in Harvest Court, and Chan told a newspaper yesterday that they would remain as shareholders in Harvest Court. Chan controls 15.7% of Harvest Court.
The trading curb, which effectively requires investors to pay upfront to purchase the stock, continue to be in force. There was no indication how long this will remain.
Comments (6)
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written by vhari, November 24, 2011 15:30:46
written by vhari, November 24, 2011 15:30:46
Certain people cannot work hard to become rich
Involving in share market with external and internal helps makes them rich overnight.
I hope this is not NEP..
Involving in share market with external and internal helps makes them rich overnight.
I hope this is not NEP..
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written by Fart Fart Wah, November 24, 2011 11:48:06
written by Fart Fart Wah, November 24, 2011 11:48:06
at 40sen it took a curve up to 2.13 ringgit and more. CAn you imagine how much this bugger made? As I said earlier about two days ago..Where did he get the money at 28? His mother sold her diamond ring?
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written by Fart Fart Wah, November 24, 2011 11:44:05
written by Fart Fart Wah, November 24, 2011 11:44:05
It is a method that they( UMNOBIGDOgs use that the stupid Malays are ignorant about. Use the family to rake in the money with the power they have. Behind close doors the stupid Malays do not know that the children of the UMNOBIGdogs are continuing the rape and the cheating of the public.
This morning's news we have MOKZANEE heading the newly merged Sapura Crest...OIL and GAs company now..and he is the biggest honcho here. This company is the 5th biggest in the world. YOu know who is MOkhzani?? The son of a poor poor doctor from Kedah...Interlok Kerala Pariah dog...Malays will never be able to see through the wheeling and dealing...of San Miguel..too..a beer company of which he is also a director??? Word on t he street is he is one of the richest in the world?? How much? Forbes is still calculating...
This morning's news we have MOKZANEE heading the newly merged Sapura Crest...OIL and GAs company now..and he is the biggest honcho here. This company is the 5th biggest in the world. YOu know who is MOkhzani?? The son of a poor poor doctor from Kedah...Interlok Kerala Pariah dog...Malays will never be able to see through the wheeling and dealing...of San Miguel..too..a beer company of which he is also a director??? Word on t he street is he is one of the richest in the world?? How much? Forbes is still calculating...
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written by SiHangChai, November 24, 2011 09:20:54
written by SiHangChai, November 24, 2011 09:20:54
Harvest directors should be charged by insider trading. In regardless whether Najib's son remains as Director or not, it is irrelevant now as damaged was done. He made millions already, and so do the rest of the directors from those greedy shared buyers who wrong speculated to buy at premium taking that it will goes further. This is how the Bursa game was played in order to reap a quick profit. harvest basically has nothing despite given a small govt tender recently. It didn't support at all the sharp increase of its share price. I believed looking at the capital and projects that Harvest had, teh correct prie should be harbouring around RM0.2 per share. Now, lets see whether the sleeping Securities Commission and Bursa will institute an investigation into this clearly insider trading activity. This is my views and studies into the company and price movement.
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written by malsia1206, November 24, 2011 08:24:47
written by malsia1206, November 24, 2011 08:24:47
Did PAS say they may close Genting if they happen to win the Pahang State election?
No big deal. Everyone knows there's another licensed casino with Bursa all these years. And you do not need to join membership to play your chips alongside with the VVIPs.
No big deal. Everyone knows there's another licensed casino with Bursa all these years. And you do not need to join membership to play your chips alongside with the VVIPs.
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Fortunately for Nazifuddin, by accident of his birth, he has no need for any other qualification to be heading
half a dozen $MILLION companies...it is this easy! AND we just have to tahan the stench of it all.