PETALING JAYA: Minetech Resources Bhd jumped as much as 14.3% today to a three-year high following the appointment of Sarawak premier Abang Johari Openg’s son, Abang Abdillah Izzarim Zohari, as its new executive chairman yesterday.
It hit a high of 20 sen in early trade before it pared its gains to 19 sen by the mid-day break, valuing the group at RM303.2 million.
Minetech, which is engaged in production of asphalt premix and quarry products, and civil engineering works, was the second most traded stock with 156.2 million shares changing hands.
Abang Abdillah, 45, who acquired a 15.58% stake in the group on Dec 24, 2023, succeeded Ahmad Rahizal Rasidi who has been redesignated as non-executive director.
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Abang Abdillah started his career as a commercial pilot before venturing into the information and communications technology sector, according to the company’s bourse filing yesterday.
He subsequently founded an animation PC games development business. He currently sits on the board of Berjaya Land Bhd.
“We believe his appointment and substantial investment in Minetech are indicative of a bright future for the company, especially with the potential for expanding our reach in the Sarawak region, considering Abang Abdillah’s strong exposure in the region,” executive director Matt Chin said in a statement yesterday.
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