Nazifuddin Najib has resigned as director of Harvest Court Industries Bhd, after a tumultuous few weeks that saw the company go from a little known timber firm to Bursa Saham’s top performer after reports that the son of the prime minister had come on board.
In an announcement on Bursa’s website today, Nazifuddin was reported to have resigned as non-executive director as part of Harvest Court’s ‘change in boardroom’.
The announcement also stated that Nazifuddin, 28, still has 3,982,000 ordinary shares in the company, or about 1.7 percent of the total number of shares.
Just earlier today, it was reported that Harvest Court shares continued to climb to RM1.56 with 1.1 million shares transacted, making it one of the top gainers after it had slid for the two previous days.
Nazifuddin and Harvest Court had been the centre of much buzzafter it was first reported that the company’s share price rose to an 11-year high following his appointment to its board of directors just last month.
The share price hit RM2.14 last week, which was 2,575 percent more than the 8 sen registered in October.
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.
Chan reportedly acquired a 13.83 percent stake.
Nazifuddin, 28, is the second son of Prime Minister 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. In the announcement post today, Nazifuddin holds the chair also of 1Green Enviro Sdn Bhd, Magna Healthcare Sdn Bhd, Cahaya Pedoman Sdn Bhd and Tribus Sdn Bhd.
He also the Director of Kingtime International Limited and Dynac Sdn Bhd.
In addition, Nazifuddin is the chairperson of Youth on Unity, an NGO operated by Pertubuhan Pembangunan Inovasi Dan Integrasi Selangor Dan Kuala Lumpur (INNOGRASI), to develop youth and to drive and spur unity amongst youth.
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