Its shares dropped as much as 8.17% or 8.5 sen to 95.5 sen earlier today. CMSB pared its losses to close 7.21% or 7.5 sen lower at 96.5 sen, giving it a market capitalisation of RM1.04 billion. A total of 11.79 million shares changed hands.
Abu Bekir, 60, the son of the late Sarawak chief minister and governor Abdul Taib Mahmud, holds a 0.5% stake in CMSB as of March 29, 2024, according to its latest annual report. He has served on CMSB’s board since January 1995.
The group’s largest shareholder is Majaharta Sdn Bhd, the private vehicle of Taib’s children, with a 12.55% stake. The third-largest shareholder with 5.68% is the estate of Lejla Taib, Abu Bekir’s mother, according to the annual report.
Meanwhile, his stepmother Ragad Kurdi Taib is the fifth-largest shareholder with a 4.66% stake.
Abu Bekir filed the suit yesterday at the High Court in Kuching, seeking an order for CMSB to produce and open an inspection into its accounts as well as those of five subsidiaries.
In its bourse filing yesterday, CMSB said Abu Bekir had been informed that, due to short notice, an alternative date would be set for the inspection.
However, he proceeded with the lawsuit before the board could determine a suitable time and place for the inspection, it added.
Second legal development
This is the second legal case involving him in the last month. On Feb 5, the Kuching High Court affirmed Abu Bekir as the sole administrator of his late father’s estate, dismissing a legal challenge by his stepmother Raghad.
The court upheld letters of administration issued by the Kuching district office on April 26, 2024, granting Abu Bekir full authority over the estate.
The ruling effectively rejected Raghad’s bid to overturn the district office’s decision and be named co-administrator.
On Dec 4, 2024, it was reported the Kuching High Court heard Raghad’s judicial review against the Sarawak Administration of Estates Ordinance.
Sulaiman Abdul Rahman Taib, Abu Bekir’s younger brother and CMSB group managing director, was also named as a respondent in the suit.
CMSB is widely regarded as Sarawak’s preeminent group, with direct exposure to the state’s economic growth via its 35 companies involved in cement, construction materials, trading, financial services, property and construction operations.
It posted a net profit of RM128.19 million for the financial year ended Dec 31, 2024 (FY2024), a 12% rise from RM114.44 million in FY2023 despite revenue staying flat at RM1.2 billion.