KUALA LUMPUR: The new substantial shareholders in Kumpulan Powernet Bhd, led by billionaire Datuk Mohd Abdul Karim Abdullah, have taken management control of the company.
Filings with Bursa Malaysia today showed that Karim, who emerged as a 20% shareholder in Powernet last week, was appointed as executive deputy chairman of the company.
Karim is the founder and CEO of engineering firm Serba Dinamik Holdings Bhd.
He is joined by Mustakim Mat Nun, who assumed the role of group managing director at Powernet.
Mustakim is the deputy CEO of BEWG (M) Sdn Bhd, a water treatment company and a subsidiary of Beijing Enterprises Water Group Ltd.
Mustakim, together with Karim, purchased a combined 23 million shares, or 30% of the equity interest in Powernet, at RM1 each via a series of direct deals last week.
The sellers were SSF Home Builder Sdn Bhd and Lee Chong Hoon Capital Sdn Bhd.
Powernet has been making losses for the past five years.
For the first nine months of the financial year ending June 30, the company posted a net loss of RM1.8mil on a revenue of RM1.27mil.
Powernet is involved in warp-knitted fabric manufacturing and the property business.