Najib’s son Nazifuddin becomes substantial shareholder of ’1Malaysia Paint’ supplier SerSol
Is this what Najib means by his Bumiputera Economic Empowerment Agenda? Mohd Nazifuddin Najib, 30, has emerged as a substantial shareholder of SerSol Bhd, which could soon be supplying ‘Cat 1Malaysia’ (C1M) to the Malay Contractors Association.
Anil Netto
A filing in Bursa announced that Nazifuddin had emerged yesterday as a substantial shareholder with an indirect interest (via SerSol Holdings Sdn Bhd) of 40m shares or 21 per cent in the loss-making commercial paint maker SerSol.
On the same day, SerSol founder Tan Fie Ping and his brother Fie Jen ceased to be substantial shareholders of SerSol after they disposed of their indirect stake of 40m shares.
Earlier, on 23 July, Bursa Malaysia had queried SerSol about possible unusual stock market activity surrounding the sharp rise in the SerSol share price. SerSol responded that it was not aware of anything unusual.
On 2 September, SerSol Bhd appointed Khazanah exco chairman Nor Mohamed Yakcop’s 32-year-old son Mohamed Ridzuan Nor Md as its managing director.
Two days later, on 4 September, the firm signed an MOU with the Malay Contractors Association(PKMM) to supply ’1Malaysia Paint’ (Cat1Malaysia) to be used by PKMM members – as SerSol’s share price soared.
Under the MOU, PKMM agreed to “encourage” all its members to buy C1M from SerSol “to be used in all building and construction contracts secured or entered into by PKMM members with the government and private sectors for all the building and construction projects…”
Imagine how much SerSol stands to earn if ’1Malaysia Paint’ has to be used in RM100bn worth of government mega projects already announced.
