Teck Guan un­aware of rea­sons for share price surge

The Sun (Malaysia) - - MEDIA & MARKETING -

PETALING JAYA: Teck Guan Per­dana Bhd said it was un­aware of rea­sons that could have con­trib­uted to the re­cent spike in its share price af­ter its an­nounce­ment of stel­lar fi­nan­cial re­sults.

In re­sponse to Bursa Malaysia’s un­usual mar­ket ac­tiv­ity query last Fri­day, the oil palm and co­coa firm said it is in com­pli­ance with Bursa Se­cu­ri­ties List­ing Re­quire­ments, in par­tic­u­lar Para­graph 9.03 on im­me­di­ate dis­clo­sure obli­ga­tions.

Teck Guan’s share price saw a sig­nif­i­cant rise from last Tues­day and hit limit-up of RM1.78 on Wed­nes­day and Thurs­day. Bursa Malaysia then froze its share price at RM1.78.

Over the past week, the price has soared 83%. It closed up 16 sen or 8.99% at RM1.94 last Fri­day on 1.9 mil­lion shares done.

Teck Guan saw its net profit for the sec­ond quar­ter ended July 31, 2016 surge more than twofold to RM6.33 mil­lion from RM2.59 mil­lion in the pre­vi­ous cor­re­spond­ing pe­riod, thanks to higher sell­ing prices, sales vol­ume and favourable cur­rency ex­change rate. This brought its first-half net profit to RM7.66 mil­lion, 41.2% higher than RM5.43 mil­lion a year ago.

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