Friday 21 Jun 2024
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KUALA LUMPUR (March 21): Master Tec Group Bhd said on Thursday it was not able to explain the recent surge in its share price that reached new record highs.

The electric cable maker, listed less than two months ago, said it was not aware of any corporate development that had not been previously announced in response to Bursa Malaysia’s unusual market activity (UMA) query.

“We are not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity,” Master Tec said in an exchange filing.

Shares in Master Tec hit another new all-time high on Thursday at RM1.15, after racking up a 74% gain so far this month and adding to February's 96% surge. 

The stock was trading at RM1.08 at 3pm, after nearly 19 million shares changed hands.

Bursa issued a UMA query to Master Tec on Wednesday, following the steep climb recently. 

The company’s co-founder Datuk Lau Kim San bought 10 million shares in the open market on Monday, Master Tec disclosed on Wednesday. 

Lau now owns 18% direct interest or 183.4 million shares, and 55% indirectly through private vehicle MTPC Sdn Bhd.

Master Tec was listed on the ACE Market on Jan 29, with an initial public offering (IPO) price of 39 sen apiece. 

The IPO raised about RM111.38 million, of which RM61.65 million went to the company and RM49.72 million accrued entirely to the selling shareholders.

Edited ByJason Ng
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