Friday 21 Jun 2024
main news image

KUALA LUMPUR (March 20): Newly-listed Master Tec Group Bhd’s recent sharp rise in its share price has attracted scrutiny from Bursa Malaysia, which issued an unusual market activity (UMA) query to the Melaka-based electricity cable maker on Wednesday.

Investors were advised to take note of Master Tec’s reply to the UMA query, said the stock exchange operator.

Master Tec was listed on ACE Market less than two months ago on Jan 29 this year, with an initial public offering price of 39 sen.

The counter was already rising in February, logging an 88% gain in the month alone to close at 65 sen on Feb 29.

Master Tec continued to ascend this month, especially enjoying a rather steep climb since March 14, giving it a month-to-date gain of 74%.

The stock closed 20 sen or 21.5% higher at RM1.13 on Wednesday, giving it a market capitalisation of RM1.15 billion.

The counter saw 21.88 million shares change hands on Wednesday. This compares to its five-day volume moving average (MA) of 16.58 million shares and 20-day volume MA of 20.02 million shares.

In a separate announcement to Bursa Malaysia on Wednesday, Master Tec also updated that co-founder Datuk Lau Kim San acquired 10 million shares from the open market.

Lau owns an 18% direct interest or 183.4 million shares in Master Tec, while having 55% indirect stake or 561.02 million shares through private vehicle MTPC Sdn Bhd.

Edited ByIsabelle Francis
      Text Size