Gadang buys 10% stake in little-known DWL

DWL now has two new major shareholders. One is Wan Khalik Wan Muhammad(file pic) who bought a 10% stake in January when he bought 19.86 million shares via his private investment vehicle Total Sejati Sdn Bhd.

PETALING JAYA: Gadang Holdings Bhd has purchased a 10% stake in little known DWL Resources Bhd in a move the former says, “is to build and strengthen the business relationship between the two companies.”

Major construction outfit Gadang, which has a market capitalisation of close to RM560mil, said it paid RM18mil in cash for the purchase of 20 million shares in DWL at 90 sen a share. The trade was done via an off market transaction.