PETALING JAYA: Stocks related to the newly appointed Prime Minister Tan Sri Muhyiddin Yassin, namely Eden Inc Bhd and Thriven Global Bhd, rallied on Monday, despite the broader market continuing to decline, dragged by political turmoil in the country as well as the risk of a global economic slowdown from the outbreak of coronavirus.
At the opening bell yesterday, both companies share prices almost doubled up following the appointment of Muhyiddin as the eighth Prime Minister over the weekend.
Eden, which is in the food and beverage business, went up as high as 90% or 20 sen to 42 sen share before it closed the day at 31.5 sen.
Thriven, a property developer firm, saw its share price soared as high as 87% or 17 sen to 36.5 sen a piece before settling at 27 sen at the close yesterday.
It was said that both Eden and Thriven are linked to Datuk Fakhri Yassin Mahiaddin, the son of Muhyiddin.
According to Thriven’s latest annual report, Fakhri owns more than 27% stake in the company through Ketapang Capital Sdn Bhd.
Fakhri, 43, is also the executive chairman of Thriven and a director of Eden.
He is the son-in-law of Tan Sri Abd Rahim Mohamad and Puan Sri Fadzilah Md Ariff, who are the executive chairman and executive director of Eden, respectively.
According to Eden’s latest annual report, Rahim and his family hold a combined 28% stake in the company, held via Serata Padu Sdn Bhd and Zil Enterprise Sdn Bhd.
Both companies’ share prices have been on a decline after it spiked in mid-2018, after Pakatan Harapan coalition won the 14th general election.
Since then their share prices have been on a decline until recently.
Thriven had recently fallen into the red after it posted RM5.44mil loss in the fourth quarter ended Dec 31,2019, from RM2.69mil profits a year earlier.
Another stock that that spiked yesterday was Datasonic Group Bhd, which was among top volume counters on Bursa Malaysia.
Datasonic, which is in the business of providing passports and identification cards, saw its share price rose 9.4% to close at RM1.17 apiece.
Last week, the counter was suspended after falling almost 30% to as low as 98 sen after what is presumed to have been heavy short-selling of the stock.
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