PETALING JAYA: Shares of Cypark Resources Bhd
further rose by 7.1% today, continuing the uptrend in the past three weeks.
The stock, which closed at 98 sen, has risen by over 20% since March 19, reaching a market capitalisation of RM802mil. The integrated renewable energy player has gained RM136mil in market value in the period.
Interestingly, the surge in share price took place despite Cypark announcing a net loss of almost RM28mil recently for the third quarter ended Jan 31.
However, it is noteworthy that the company is in the midst of a "strategic review" exercise which commenced on Feb 28.
As part of this review, Cypark's board of directors has requested select senior management personnel, including the group chief executive officer, to be on unrecorded leave in order to facilitate a fully independent and transparent review process.
Further, the company redesignated two of its non-executive directors, namely Datuk Hamidah Moris and Muhammad Ashraf Muhammad Amir to executive positions to assume the senior leadership responsibilities in the interim.
With the change, Cypark told the stock exchange that the continuity of projects and business operations during this period remain as usual.
Earlier in January, Cypark merged its audit and risk management committees into a single entity. The nomination and remuneration committees were also merged.
