KUALA LUMPUR (March 19): Shares of GFM Services Bhd climbed on Tuesday to their highest in three years, after the integrated facilities management group proposed to undertake a bonus issue of warrants.
The counter rose as much as 9.23% to a high of 35.5 sen during the morning session, the highest since March 2021, before easing to 35 sen as of 11.56am — up 2.5 sen or 7.69%. At the current price, GFM Services has a market value of RM265.81 million.
Trading volume jumped 74.2% to 17.19 million, from 9.87 million on Monday (March 18), more than four times the 200-day average volume of 4.08 million.
No institutional analysts cover the stock.
On Monday, GFM announced a bonus issue of free warrants on the basis of one warrant for every two existing shares held at an exercise price of 21 sen per share.
Assuming the full exercise of warrants, the company is expected to raise gross proceeds of up to RM79.74 million for working capital.
GFM’s share price has risen 25% year-to-date and 84.21% in the past 12 months.