Over 50% of Powernet now under Karim, other parties

In a filing with Bursa Malaysia yesterday, Kumpulan Powernet informed its shareholders that it had received a mandatory takeover offer by Karim.

PETALING JAYA: Serba Dinamik managing director and group CEO Datuk Mohd Karim Abdullah (pic) and his parties acting in concert (PAC) now control some 50.09% of Kumpulan Powernet Bhd following further acquisitions in the company last week.

In a filing with Bursa Malaysia yesterday, Kumpulan Powernet informed its shareholders that it had received a mandatory takeover offer by Karim.

Shares of Kumpulan Powernet have risen to a two-year high following the triggering of a mandatory general offer (MGO) after Karim purchased more shares in the company on Oct 2.