I gave this counter hell when it was listed because from day one when it went listed, the shares was up for only a brief moment and closed the day down. It went down for next subsequent days and weeks, the first IPO probably to see such a huge down performance non stop. Their lows was near 10 sen and certainly it needed something totally new to turn this counter around.
Khairul Azwan Harun, Perak Umno Youth Chief, has taken a substantial stake in Ideal Jacobs last week. Although the stake was just 5.83%, it would be silly to assume that that will be the beginning and the end of the story. The rumoured plans include making Ideal Jacobs as part of a river based hydroelectric power plant project in Perak. The said project was on the books but was put on hold pendi ng the recent elections.
The company is relatively clean with losses stemmed judging from the last couple of quarters. Of course the hydro project will require funding, RM100m for 10MW and RM127m for 15MW. Khairul Azwan is also a director of Lumut Maritime Terminal.
Bottom line its current market cap of just RM28m makes it a relatively cheap and safe play. Its a bit speculative but given that we have had a plethora over crowding for marginal oil fields, Iskandar and Penang property counters as theme, ... an early Perak play could be in the wor ks.
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