Nazifuddin Option in Supercomnet

Nazifuddin is the son of Najib, the PM of Malaysia. He was given the option to buy 18.66% of the share of a company by the name of supercomnet. The option given was for 30 days, to buy 45.357 million of ordinary share of 10sen each at the price of 22.5sen.

The news had caused a sudden rise of the share price. On 26 March 2012, the share was reported to be traded at 49.5sen, a sharp rise by about 19.5sen per share. The increase was a mammoth rise from the closing price of 14sen on March 21.

Supercomnet is a local Malaysian company manufacturing wires and cables used for the automobile and medical equipment. It was listed in the Mesdaq market in 1999, a relatively small company with sales of rm34millions in 2011. It financial position seem to have improve, with a profit of rm3.7 million last year.

It was reported that Nazifuddin had resigned from Harvert Court in Nov 2011, after a month on the board. The speculation was, he was not happy with the speculation of the company's stock.(as posted in thestar 27 mar2012)