KUALA LUMPUR (Oct 25): Harn Len Corp Bhd, whose share price more than doubled this year, fell as much as 8.72% on profit-taking, after breaching the RM2 mark in early trading following its proposal for an eight-for-five bonus issue announced on Friday (Oct 21).

Shares of the plantation company opened two sen higher and rose by as much as 13 sen or 6.67% to RM2.08 in the early minutes of trading.

By 11am, the counter had erased its gains, trading down 17 sen or 8.72% to an intra-day low of 1.78, before ending the day at RM1.83, still down 12 sen or 6.15% from Friday’s close of RM1.95.

Trading volume stood at 9.04 million shares, up 244% from its 65-day average of 3.7 million shares.

Despite the decline, the counter is still up 161% or RM1.13 year-to-date, from 70 sen per share on Dec 31, 2021.

Similarly, Harn Len’s warrants B maturing September 2026 also settled down 8.21% or 11 sen at RM1.23, after opening higher and touching RM1.38 per share in early trading.

Harn Len is controlled by the founding Low family, who collectively owns 60.68% of the plantation group.

After six consecutive quarters of losses, the group posted a profit of RM4.9 million in the quarter ended June 30, 202 (2QFY2022) on better average selling prices of crude palm oil and palm kernel.

Quarterly revenue stood at RM75.45 million, up 41.72% on-year from RM53.24 million and higher by 97.8% on-quarter from RM38.13 million, its filing showed.

At its last close of RM1.83, the counter had a market capitalisation of RM388.7 million. Net traded assets stood at RM1.49 as of end-June 2022.

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Harn Len plans eight-for-five bonus issue