Cypark up in early trade on possible emergence of new major shareholder

KUALA LUMPUR: Cypark Resources Bhd rose by 1.92 per cent in the early session today on news that Jakel Group is expected to surface as the single largest shareholder.

As of 10.20am, the renewable energy company advanced one sen to 53 sen, with 41.71 million shares traded.

Citing a market source, a news report said Jakel’s investment arm Jakel Capital could be taking up the whole block of Cypark’s private placement exercise, involving 30 per cent of the total number of issued shares.

Meanwhile, another source said Jakel Group would only be subscribing to half of the private placement shares - representing a 15 per cent stake of the company - while the remaining half block to be taken up by another friendly party. - Bernama