Serba Dinamik chief Abdul Karim buys back 10 million shares

KUALA LUMPUR: Serba Dinamik Holdings Bhd's boss Datuk Mohd Abdul Karim Abdullah is putting his own money to support the embattled stock.

Filings with Bursa Malaysia today showed that Karim had acquired 10 million shares in Serba Dinamik from the open market on Monday.

The purchase also signaled that recent force-selling of his shares may have ended.

The filings on Monday did not revealed how much Karim had spent to purchase the shares.

The counter fluctuated between 44 sen and 46 sen on Monday, before it ended at 45 sen.

Shares in Serba Dinamik were last traded at 41 sen on Wednesday. The stock plunged 75% from it was in late May.

The purchase on Monday lifted Karim's shareholdings in the company to 778.786 million shares, or 20.996%.

Karim had previously owned more than 897 million shares in Serba Dinamik in late June, prior to the recent forces selling.