The price of shares in Harvest Court Industries Bhd, a previously little-known timber products company, rose to a 11-year high after the prime minister’s second son, Mohd Nazifuddin Najib, was appointed to its board of directors last month.
The share price hit RM2.14 about 4pm today, or 2,575 percent more than the 8 sen registered a month ago.
The price closed at RM2.13 later, having recorded a surge of 48 sen, or up by 29 percent since yesterday.
According to a Nov 8 report in The Edge Financial Daily, Nazifuddin and his business partner Raymond Chan were appointed directors of Harvest Court Industries on Oct 28.
Nazifuddin (left) was also said to have bought two to three million shares in the company – up to 1.7 percent of the total – on Nov 4, while Chan reportedly acquired a 13.83 percent stake.
Since then, the share price has surpassed the RM1 level to stay in the top volume list for many days.
Nazifuddin, 28, is the second son of Najib Abdul Razak and his first wife Tengku Puteri Zainah Tengku Eskandar. The couple divorced in 1987, following which Najib married Rosmah Mansor.
Chan, a businessman who is active in Sabah, owns substantial shares in Sagajuta (Sabah) Sdn Bhd, which developed the 1Borneo mall in Kota Kinabalu.
Nazifuddin is chairperson of Sagajuta.
‘Financial problems’
It has been reported that Chan may inject a recycling company, 1Green Enviro Sdn Bhd into Harvest Court, which has struggled with weak financial performance over the last few years.
Harvest Court was reportedly listed by Bursa Malaysia as a PN17 company until December 2009. PN17 refers to companies facing financial problems.
The company posted a net loss of RM2.7 million in 2010, compared with a profit of RM12.2 million a year earlier.
Its share had been hovering around 6-12 sen for several years until the impressive gains recorded over the past month.
Based in Port Klang, the company is involved in manufacturing timber products, such doors.
COMMENTS
140V: I second “Right to information act”!!! No more OSA!!!
2 hours ago | Report
Freemsia: Whoa,…. the perks of the Prime Minister’s son. Where does a 28 year old have the MILLIONS to purchase so many shares? Hope Najib does not pull a Taib Mahmud,…. where he said his son is a success not because of political connections but because of his capabilities.
2 hours ago | Report
VP Biden: His next target should be Mydin and NFC directorship,one happy family !
3 hours ago | Report
fairnessforall: I think its time Malaysia follow India’s footsteps and implement the ‘Right to Information Act’. Thing are going to far, and the goverment is not being accountable to the Rakyat. Everything is hidden under OSA.
4 hours ago | Report
fairnessforall: Where is MACC, how did a 28 year old get millions to buy shares. And at 28 why the hell is he being elected as director. What experience does he have. I guess he does not need experience as being the PMs son he will just get all the contracts for the company and that is sufficient. I think the Rakyat should make noise and insist that we want to know where did the millions come from. We did the same with Khairy, why not Najib’s son.
4 hours ago | Report
Jedi_Who: Another family crony preparing to feast on our economy.
5 hours ago | Report
Anonymous: All that is happening to Harvest Court now is totally irrational and highly suspicious. Something not right is going on. What happened to our watchdog- the Securities Commission? Are they turning a blind eye away from this obvious discrepancy just because the PM’s son is involved?
5 hours ago | Report
Anonymous_3e8f: Remember Ling Liong Sik’s son. Zeti – no faith in her any more. Najib – someone is mistaken that he is only making (taking) money now. He has been at it in a large scale as minister of defence. If it were not for the merciless killing of Altantuya by those around him, the submarine commission of Euro 114mil would not come into public domain. UMNO must go!
11 hours ago | Report
kecewa bin harapan: wah ..Msia very impressive the countries robber getting younger – soon will see some 19 years old dUmno’s SOB becoming Chairman of Listed Company ! Msia memang boleh !
12 hours ago | Report
A R Chunni: I call upon Zeti, the Governor of Bank Negara Malaysia to investigate any individual with unexplained wealth made public. I trust Zeti is familiar with the provisions of the law on AMLA (Anti-Money Laundering Act) We citizens are not stupid you know. Question. Where the hell did this son of Najib get the money at a young age of 28 years.
13 hours ago | Report
Pemerhati: According to news reports one of Mahthir’s sons is already a billionaire and perhaps his other children may also be in the same league or not far behind. After Mahathir, when Badawi became PM, the stock price of the company in which his son was involved, also shot up in a similar manner to the Harvest Court stock price. Since Badawi had only 5 years as premier to steal the people’s money in the way all BN people like Mahathir, Taib, Rafidah, Sharizat, etc. steal , his family including his son in law would have probably made less than Mahathir’s family but it would still be a pretty large amount. An unconfirmed rumour has it that a person related to Badawi through marriage has amassed RM600 million. Now it is Najib’s family’s turn to make hay while the sun shines and try and overtake the wealth of the Badawi, Mahathir and Taib families. Meanwhile Muhyddin is waiting impatiently on the sidelines for his turn to have a free hand to plunder the rakyat’s money.
13 hours ago | Report
PS_207d: I feel shame to be Malaysian because 28yrs PM son can buy a share worth of millions.Where did he get the money and this clearly show that the BN leaders are corrupted.Poor become poorer the rich become richer.Undilah BN jadikan mereka kaya raya
16 hours ago | Report
MIK: This guy is only 28 years old how he can buy share worth of two to three million. From where he get his money? All this corrupt YB’s (Yang Bangsat) from United Malay No Otak (UNMO) can do anythings in this Bolihland
17 hours ago | Report
nil: This is an artificial increase…. the company is going to get more contracts…closed negotiated contracts. It does not mean that the company will be doing well.
17 hours ago | Report
Ferdtan: Only in Malaysia can a near-bankrupt company can a share price surged up so high-when news of VVIP’s family like our PM’s son comes on board.What’s the magic here? Is our PM’s son a whizz kid in business?Is he going to come on board working hard to lead the company with great ingenuity to chart the course of the company to make huge profits for the company?The answer of working hard no way,but to increase the profit of the company is a big yes.In Malaysia VVIP’s family seem to have a destined ‘luck’ in landing lucractive contracts worth millions/billions from the governments.Who says life is not unfair?All this points to cronyism – all investors in the market know it; and that is why they get excited when the names of the VVIPs or their family are used.If based on ability and meritocracy these people are nothing.Anyway what is our Securities Commissions doing to check the unnatural price hike?With no explainations from the commission show the lack of transparency-‘no balls authority’.
17 hours ago | Report
LLKS: RAKYAT YANG BODOH WHO VOTED FOR BN. SEE WHAT THE PM MALAYSIAN GOD CAN DO. WHAT EVER RELATED TO HIM HE CAN DO WANDER. THIS IS CALLED CORRUPTED
17 hours ago | Report
Joe Lee: Wah! 2,500 percent!! That is the sort of numbers that only super exceptional people such as Steve Jobs can achieve. And they only achieve this sort of result over 20 or 30 years! So are we to conclude that the market thinks that (1) Najib junior is as smart as Steve Jobs, AND (2) He can achieve it in a month rather than the 20 or 30 years that it took Steve Jobs to achieve. Shiiiitt! We wouldn’t have known! Has a real genius been discovered in Malaysia? Have we all been asleep whilst a real genius has now grown up to take on the cut and thrust of Capitalism? Why has Najib not previously announced to all Malaysians that indeed a business genius has been born, and that in fact it is his own prodigy! Alas, alas! The market has been perfectly rational, and actually also very smart. In stock market parlance, it has ‘priced in’ a serious premium, based on future earnings. It is correctly figuring if Sharizat the Mamak lady can get $250m just like that, Najib’s son gotta be worth $1bil!
17 hours ago | Report
Louis: How one wish he/she is born to a PM in Malaysia. Only at the age of 28, he is already a multimillionaire. Malaysian PM’s children must have the magic touch which can turn stone into gold!!!
18 hours ago | Report
Paul Warren: I am not complaining la….After all I have been holding the Harvest shares for the last 15-17 years now and even at the present price still cannot recover my cost yet! So please everyone go push the shares even higher!!
18 hours ago | Report
dood ROTFLOL. Typical Malaysian behaviour to engage in speculative share-trading simply based on the fact that someone closely linked to a top Umno/BN politician gets involved in an ailing company. This is, after all, the Malaysian way and we all know how the company will now “magically” be able to float back into the black. My only piece of advice is to remember to sell off all your shares before the general election is over because you don’t want to end up with worthless sheets of paper when Umno/BN gets kicked out. 🙂
18 hours ago | Report
Anonymous: ..masa madey memerintah, anak2 madey semua pandai berniaga…masa dollah memerintah, anak, anak menantu pandai berniaga…masa najib memerintah, mesti lah anak najib pandai berniaga..biaser ler tu…kalu tidak tak di panggil “kleptocracy”.
18 hours ago | Report
SMC77: I don’t see any valid reason why Harvest Court needs to appoint an inexperienced person like Nazifuddin as director. He is not qualified to be a director and obviously it is an act by Najib to enrich his family members.
19 hours ago | Report
Bender: While najib’s offsprings become millionaires in an instant, the rakyat were forced to feed their infant e-coli infected formula. Hooraayy for haji najib. Looks like his prayer in Mecca has been answered… Good thing God has not been generous enough to grant rakyat’s prayers as easily as He granted najib’s, because if that is the case, God have mercy on the first family…
19 hours ago | Report
