KUALA LUMPUR (Nov 4): Shares of Ni Hsin Resources Bhd were heavily traded as one of the most active stocks on Bursa Malaysia today, as the cookware manufacturer saw the emergence of Pelaburan MARA Bhd as its substantial shareholder.
By 11.12am, Ni Hsin had gone up 1 sen or 2% to 50 sen, with more than 12.67 million shares changing hands.
The counter, which was traded between 49.5 sen to 51 sen, is the eighth most active stock of the day.
Ni Hsin announced yesterday that Pelaburan MARA had last Thursday (Oct 30) purchased 12 million shares or a 5.2% stake in the company, becoming a substantial shareholder.
In a separate announcement yesterday, Ni Hsin said its Executive Director Hsiao Chih Che had sold 11.83 million shares at 36 sen apiece, bringing the total disposal consideration to RM4.26 million.
The Taiwanese, who remains a substantial shareholder of Ni Hsin, still owns some 12.475 million shares or a 5.4% stake.
According to TheEdge Markets.com, the likelihood of corporate exercise for Ni Hsin is high. Reportedly, its risk score stood at 5, on a scale of 1 to 5, with 5 being the most volatile.