KUALA LUMPUR (June 13): Shares of Priceworth International Bhd (KL:PWORTH) will be traded under its new name Maxland Bhd (KL:MAXLAND), effective Friday (June 14).

The stock number remains unchanged, said Bursa Malaysia in a statement.

In a bourse filing last month, Priceworth said the change of name is in line with its rebranding exercise to better reflect its updated corporate identity and purpose, which is more aligned with its current core business and values.

The change is also aimed to improve the public’s confidence in the company and to enhance stakeholder engagement, it said.

Priceworth is principally involved in the trade of logs, plywood, veneer, sawn timber, blockboard and finger joint moulding products. It is also involved in the provision of hiring services as well as marine services, including repair and maintenance of vessels, tugboats and barges.

The company's substantial shareholders include RHB Trustees Bhd with a 26.37% direct stake and Datuk Freddy Lim Nyuk Sang with a 22.34% direct stake.

For the 15 months ended March 31, 2024, the company reported a net loss of RM9.93 million, on the back of RM71.43 million in revenue.

There is no comparative figure as the company changed its financial year end from Dec 31, 2023, to June 30, 2024, to “avoid peak financial reporting in December”.

Priceworth shares rose half a sen to 12 sen at Thursday’s close, valuing the group at RM200.45 million.