KUALA LUMPUR (Sept 29): Shares in Lay Hong Bhd surged to an all-time high of RM10.12 in early afternoon trading, after the integrated poultry company announced plans to introduce a new line of products by early November.

At 3 p.m., the stock was traded at RM10.12, its highest level since it was listed Oct 20, 1994. It was the third biggest gainer on the local exchange.  

Trading volume was thin at 34,500 shares. Lay Hong had a market capitalisation of RM611.81 million.  

Speaking to reporters after the company's extraordinary general meeting yesterday, Lay Hong executive director Yap Chor How said the group will launch a new line of frozen processed chicken products by early November, as part of its joint venture with Japan's NH Foods Ltd.

According to him, the initial output, under the Nippon Premium NutriPlus line, will be 400 tonnes.

Lay Hong is also in the midst of setting up a new RM30 million processed food plant under the joint venture, he said.  

Yap added that the company is planning to introduce an additional 1,000 tonnes of such products, under the same line, on completion of the plant by 2018.