KUALA LUMPUR (Jan 25): After taking a day's breather, shares of Mesiniaga Bhd continued their upward journey today, gaining as much as 9.5% to hit an intraday high of RM1.84 in the morning session.

At the midday break, Mesiniaga's share price was up 4 sen or 2.38% at RM1.72, with 435,600 shares traded, undeterred by the Malaysian Communications and Multimedia Commission’s (MCMC) comments that it was not involved in the RM5.45 billion Enhanced Malaysia International Internet Gateway (EM-IIG) highspeed broadband project.

The benchmark FBM KLCI index, meanwhile, was up 4.17 points or 0.25% at 1,697.76.

At Wednesday's closing bell, Mesiniaga's market value had gained RM25 million in just two days as investors reacted positively to its RM1.9 billion contract with telecommunications company Xiddig Cellular Communications Sdn Bhd for the EM-IIG project. Its shares closed lower at RM1.68 yesterday.

In today's statement, MCMC distanced itself from the project, saying it is spearheaded by Xiddig as a commercial endeavour and does not involve the regulator.