Zahid's son-in-law redesignated as Jiankun's deputy executive chairman

• Last month, the company announced that it was offered to be the main contractor of a RM90 million development project undertaken by a unit of Menara Rezeki Sdn Bhd in Sentul.

KUALA LUMPUR (Oct 4): Jiankun International Bhd, which is in the midst of completing a sizeable private placement of new shares, has redesignated its executive director Datuk Saiful Nizam Mohd Yusoff as the group's deputy executive chairman, effective Monday (Oct 3).

Meanwhile, executive deputy chairman Datuk Lim Siang Chai has been redesignated as executive director, the real estate developer told Bursa Malaysia. He was appointed to the board as an executive chairman in July 2013.

Saiful Nizam, the son-in-law of former deputy prime minister Datuk Seri Dr Ahmad Zahid Hamidi, currently holds 21 million shares or a 8.58% stake in Jiankun.

He joined Jiankun as an independent non-executive director in April last year, before he was redesignated as an executive director in March this year.

Last month, the company announced that it was offered to be the main contractor of a RM90 million development project undertaken by a unit of Menara Rezeki Sdn Bhd in Sentul.

Saiful Nizam is the managing director of Menara Rezeki, which is the joint venture partner of Koperasi Perumahan Sentul Pasar Kuala Lumpur for the development project.

The project, which has been proposed to be known as Rumpun Residency @ Sentul, will see the construction of a 29-floor modern apartment building that contains 320 units on 1.29-acre land owned by Koperasi Perumahan Sentul Pasar Kuala Lumpur.

Jiankun said that its subsidiary JKI Construction Sdn Bhd has received a conditional offer letter from Menarez Development Sdn Bhd, a subsidiary of Menara Rezeki, for the construction project.

Saiful Nizam, 52, also sits on the board of SMTrack Bhd as an independent non-executive director.

Jiankun also saw the emergence of new substantial shareholders following the completion of the placement of its first tranche of 49 million new shares.

Teh Hooi Tyug, currently holding an 8.51% stake, is one of them while Datuk Yong Chong Long owns a 8.16% stake.

Jiankun is placing out 98 million new shares, representing 40% of its existing issued share capital.

The first tranche of the new shares was priced at 19.2 sen per share — a 15.5% discount over five-day volume-weighted average market price (VWAP) while the second tranche was priced at a lower price of 18.5 sen per share, nearly 18% discount to the five-day VWAP.