KUALA LUMPUR (Sept 18): Cypark Resources Bhd shares were heavily traded on Monday’s (Sept 18) morning trade after the renewable energy and solid waste management company announced that Chung Chee Yang was exiting the company as a substantial shareholder, a year after he became the company's single largest shareholder.
At 11.05am, Cypark’s trading volume rose to a five-month high of 38.22 million, making it the fifth most active stock on Bursa Malaysia. This is more than double the 200-day average volume of 16.33 million and the trading volume of 7.92 million recorded last Friday.
Cypark’s share price surged more than 15% to hit a high of 93.5 sen on Monday before trimming its gains to 91 sen at the time of writing — up 10 sen or 12.35% — valuing the company at RM721.95 million.
The stock is up 76% year-to-date and 119% over the past year.
Last Friday, Cypark announced that Chung had offloaded 40 million shares (representing 5.1% of the company), leaving him with 37.43 million shares, or a 4.77% stake in the company.
Chung first emerged as a substantial shareholder in September 2022, when Cypark shares were trading at a low of under 50 sen apiece, due to concerns over the company's financial position and the progress of its waste-to-energy project in Negeri Sembilan.
Meanwhile, Pertubuhan Keselamatan Sosial, or Perkeso, acquired 2.9 million additional shares of Cypark after purchasing 1.4 million shares on the open market on Sept 13 and another 1.5 million shares on Sept 14. This brings its stake to 6.74% or 52.87 million shares in the company, up from 49.98 million shares (or a 6.45% stake) in February last year. Perkeso first appeared as a substantial shareholder in Cypark in February this year.