KUALA LUMPUR (Nov 9): Shares in TAFI Industries Bhd hit limit up in the evening trading session on Tuesday (Nov 9) to close at a record high of RM3.54 after rising 81 sen or 29.67% in active trade.

A total of 48.1 million shares were traded, eight times its 200-day average. The stock was the seventh most active counter on Bursa Malaysia.

The reason behind the single-day jump was unclear. Shares in the office furniture manufacturer have risen by over 460% from around 60 sen in the last six months amid the emergence of a new controlling shareholder. 

Its share price doubled just this month. The previous high was RM2.94 on Sept 15. 

The new management, led by group chief executive officer and 51% shareholder Datuk Seri Bryan Wong Sze Chien, has reportedly said that TAFI is on track to deliver a profit for the financial year ending Dec 31, 2021 (FY21).

It posted its first quarterly net profit in the first quarter ended March 31, 2021 (1QFY21) after being loss-making for the last six financial years, with a net profit of RM1.06 million or 1.36 sen per share on a revenue of RM9.34 million. The company, however, posted another quarter in the red in 2QFY21.

A year ago, TAFI announced that it had ventured into real estate development, with its newest projects — five joint-venture agreements to develop mixed housing projects in Pahang with an estimated total gross development value of RM621.5 million — announced in September this year.

For all five JV projects, TAFI’s wholly-owned subsidiary Gerak Mahir Sdn Bhd (GMSB) will be bearing the cost of the development, while the JV partners will be providing the project land, the group said in a statement to Bursa.

The total consideration will be split 50:50 between GMSB and the respective JV partners, said TAFI.

At its last close, TAFI had a market capitalisation of RM438.73 million.