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Tuesday, September 3, 2013

Sersol surges on appointment of Mohamed as MD (BT)

Sersol Technologies Bhd shares surge to a record after the company announced the appointment of Mohamed Ridzuan Nor Md as managing director.

Sersol shares rose to a record 83 sen, before closing at 78.5 sen a share, while the warrants rose eight sen to 68 sen per warrant.

The gain kept Sersol as the second best performing stock so far this year, with year-to-date gains touching 349 per cent.

Mohamed Ridzuan replaces the 51-year-old Tan Fie Ping, who is one of Sersol's controlling shareholders.

Dealers said it was odd that Tan, who had resigned due to personal reasons, was replaced by a non-shareholder.

To add to the intrigue, Tan has been a net seller of Sersol shares in recent months.

He has sold almost five per cent of the company or some 20 million shares, filings to the stock exchange since May this year revealed.

Mohamed Ridzuan, who is the son of the current executive exco chairman of Khazanah Nasional Bhd Tan Sri Nor Mohamed Yakcop, reportedly said in a Bernama interview that "it's the right time for me to come to the forefront".

He, however, declined to comment on market speculation that he will be taking over the firm. Investors chased Sersol shares throughout the day, as Mohamed Ridzuan is seen in the market as a serious player, with a keen eye for trading in equities.

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