KUALA LUMPUR: KNM Group Bhd's share price fell almost 21 per cent and was the most actively traded counter in morning trade, following news that Sarawak's Yang di-Pertua Negeri Tun Pehin Sri Abdul Taib Mahmud's son Datuk Seri Mahmud Abu Bekir Taib, has taken a substantial stake in the company.
Selling pressure pushed the stock down three sen, or 20.69 per cent, to 11.5 sen as at 11.40am.
KNM Group's share price hit a low of 10 sen before rebounding.
In five days, the stock has dropped four sen or 26.67 per cent, bringing its market value to RM445.05 million.
According to a filing with Bursa Malaysia Securities Bhd yesterday, notice of Mahmud Abu Bekir buying a 5.031 per cent interest in KNM Group was given last Friday, October 6, 2023.
Mahmud Abu Bekir is deputy group chairman of Cahya Mata Sarawak Bhd.
Mahmud Abu Bekir's move comes amid a boardroom tussle between the current board of KNM Group and shareholders led by German billionaire Andreas Heeschen.