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Monday, October 13, 2014

Ni Hsin sees boardroom changes, new directors had links to the oil and gas sector (Edge)

Cookware manufacturer Ni Hsin Resources Bhd ( Financial Dashboard) saw changes in its board room today.

According to a filing to Bursa Malaysia, Rizvi Bin Abdul Halim, 45, has been appointed as independent and non-executive director of Ni Hsin.

Rizvi is also a director in Ideal Jacobs (M) Corporation Bhd, which is in the midst of undergoing a reverse takeover exercise (RTO) with oil and gas outfits Cekap Technical Services Sdn Bhd and MECIP Global Engineers Sdn Bhd.

Rizvi was previously senior manager in the equities-corporate finance department in the Securities Commission of Malaysia from 2000 to 2012.

Meanwhile, Ida Suzaini Binti Abdullah, 54, was appointed as executive director of Ni Hsin. The filing to Bursa showed that Ida is currently PR manager and director of Elektron Motorsport.

Ida was previously an advisor to Persada Nuri Sdn Bhd, an oil and gas services and consultancy firm (2006-2008), a dealer representative in Rashid Hussain Securities — US Desk Stockbroker (1995-2005), and a seismic interpreter, exploration geologist, wellsite geologist in Sarawak Shell Bhd (1984-1994). ..

Ni Hsin was slapped with an unusual market activity query on Sept 18, following the sharp rise in its share price and volume, amid market talk that the company was exploring a venture into the oil and gas sector.

Its share price rose from 15 sen a year ago, to 32 sen in early September, and hit its all-time high of 51 sen on Sept 23.

The counter closed down 3.5 sen or 7.61% to 42.5 sen today, giving it a market capitalisation of RM100.47 million.

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