KUALA LUMPUR (April 4): Sunsuria Bhd was actively traded on Tuesday (April 4), and ended among Bursa Malaysia’s top gainers, with its share price climbing more than 35%.

The stock opened at 53 sen, before rising to an intraday high of 70 sen. 

 At the closing bell, the stock had jumped 35.64% or 18 sen to settle at 68 sen ⁠— the highest since November 2019. At that price, Sunsuria was valued at RM613.7 million. 

Trading volume soared over 50 times to 48.25 million shares, compared with the 200-day average volume of 864,925 shares. 

On Monday, the property developer said that it had inked a memorandum of understanding (MOU) with IAT Automobile, China's largest independent car design company, to set up an operation base in Malaysia for electric vehicle (EV) manufacturing.

The two parties have formed a joint-venture company known as Sunsuria IAT (M) Sdn Bhd, which is 51%-owned by Sunsuria, while IAT holds the remaining 49%. 

They further expect to build and develop EV innovation parks, and to jointly establish the Asean Automotive Design and Innovation Centre.

The MOU is part of China’s RM170 billion foreign direct investment commitments secured by Malaysia in conjunction with Prime Minister Datuk Seri Anwar Ibrahim’s visit to China last week. 

Sunsuria's net profit fell by 86.06% for the first quarter ended Dec 31, 2022 to RM1.06 million, from RM7.6 million a year earlier, while revenue slipped 25.4% to RM78.87 million, from RM105.73 million previously.