Jakel Capital CEO appointed as Cypark director

KUALA LUMPUR (Feb 14): Cypark Resources Bhd has appointed Muhammad Ashraf Muhammad Amir as its non-independent and non-executive director, effective Tuesday (Feb 14).

Muhammad Ashraf, 36, is the group chief investment officer of Jakel group of companies, and the chief executive officer of its investment arm, Jakel Capital Sdn Bhd.

“He had served in various senior positions at public-listed companies, the last being the head, group corporate finance of Symphony House Bhd where he led multiple corporate exercises leading to its successful reverse take-over and management buyout in 2015 and subsequently the merger of its corporate services business in 2018,” said Cypark in a bourse filing.

Jakel Capital emerged as Cypark’s largest shareholder last month after acquiring a 27.33% stake via a private placement.

The emergence of  the investment arm of textile trading and property developer Jakel Group as a shareholder of Cypark led to Cypark’s share price more than doubling in value. This prompted an unusual market activity query by Bursa Malaysia.

Meanwhile, Cypark on Tuesday also appointed Mohd Adzahar Abdul Wahid as an independent and non-executive director. He was a former director of Symphony House, Kencana Petroleum Bhd, Sapura Kencana Petroleum Bhd, Edra Global Energy Bhd and TH Plantations Bhd.

Cypark shares dropped 10 sen or 8.77% to RM1.04 on Tuesday, valuing the renewable energy firm at RM804.03 million.

Source: https://www.theedgemarkets.com/node/655241

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