Metronic soars on speculation over new stakeholders

PETALING JAYA: Metronic Global Bhd more than doubled its share price amid speculations that new stakeholders might emerge in the company.

The company’s share price shot up 14.5 sen or 131.8% to close at 25.5 sen yesterday with a whopping 845 million shares changing hands, substantially more than its entire share capital base of 634.9 million shares.

The counter reached an intra-day high of 31.5 sen and was the most actively traded stock on Bursa Malaysia yesterday.

The building and security management provider said on Monday that its managing director and substantial shareholder Ng Tek Che had been approached by parties interested in purchasing part of or all of his interest in the company.

Ng holds 33.19 million shares in the company, representing 5.23% of the total issued and paid-up share capital, and also indirectly holds 1,034 shares. The company said his discussions with the parties were still at a preliminary stage and it would make the necessary announcement if and when it received updates on the matter.

Last Friday, Bursa Malaysia issued Metronic an unusual market activity (UMA) query over the sharp rise and high volume of its shares.

On Friday, its shares surged 56.3% or 4.5 sen to 12.5 sen.

In response to the UMA on Friday, the company said it was not aware of any company developments that might have contributed to its share price movement.

For the year ended Dec 31, 2011, the company posted a net loss of Rm2.51 milon the back of Rm56.5mil in revenue.