KUALA LUMPUR: Minetech Resources Bhd's share price jumped as much as 12.5 per cent, to 20 sen today, on news that Sarawak Premier's son Abang Abdillah Izzarim Abang Abdul Rahman Zohari is now its executive chairman.
It was the second most actively traded counter today, with some 153.8 million shares changing hands.
Its preference shares was the third most actively traded counter.
As at 11.58am, the company's share price was 5.7 per cent high at 18.5 sen.
Minetech, a civil engineering specialist and bituminous products manufacturer announced Abang Abdillah's appointment yesterday.
His appointment follows his purchase of a 15.581 per cent stake in the company on Dec 24, 2023 via a direct business transaction.
With his appointment, non-executive chairman Ahmad Rahizal Datuk Ahmad Rasidi has been redesignated as a non-excutive director of the company.
Minetech also announced the appointment of Chin Sheong Choy, the son of Choy Sen @ Chin Kim Sang and brother of Chin Leong Choy as an executieve director in the company.
Choy Sen and Chin Leong Choy are also executive directors of the company.
Chin Jet Choy, another son of Choy Sen, has been appointed as alternate director to Choy Sen.
A non-independent, non-executive director of Minetech, Loke Kim Meng, also announced his resignation to pursue other interests.
Minetech in a statement yesterday said Abang Abdillah's roles as a board member at Berjaya Land Bhd and Sarawak Consolidated Industries Bhd have equipped him with substantial insights into corporate governance and strategic planning.
His appointment and significant shareholding are expected to bring fresh momentum to Minetech, particularly in exploring new avenues for growth and strengthening the company's position in the industry.