Mirzan effect? Shares surge for loss-making firm after PM's son made director

Shares for loss-making firm GETS Global Berhad (GETS Global) soared more than 173 percent this afternoon, a day after tycoon Mirzan Mahathir was appointed as its independent director.

Mirzan is the oldest son of Prime Minister Dr Mahathir Mohamad.

As of 3.35pm, Bursa Malaysia showed that shares of the express bus company had jumped 22.5 sen to 35.5 sen per share.

At about 11am today, it had hit a high of 37.5 sen.  It closed the day at 33.5 sen, up from 20.5 sen, a 157.69 percent increase.

A whopping 59.76 million shares have changed hands since markets opened at 9am this morning, earning GETS Global the number five spot on Bursa's top gainers list by volume.

The firm has been making losses for the past six consecutive quarters, most recently losing RM1.35 million in its second quarter ending Dec 31, 2018.

Over the past year, its share price had gained just 6.82 percent, reported The Star.

GETS Global, which stands for Green Energy Transportation Solution, announced yesterday it had appointed Mirzan to an “independent and non-executive” role.

Bloomberg describes the firm as an investment holding company which provides express bus services. It also manufactures and assembles air-conditioner parts for buses.

Based in Kamunting Perak, it was formerly known as KBES Berhad (Konsortium Bas Ekspres Semenanjung).

Mirzan is presently the chairperson and CEO of venture capital firm Crescent Capital Sdn Bhd.

He also holds directorships in a number of public and private firms including Petron Corporation.