KUALA LUMPUR (Nov 17): Grand Hoover Bhd's share price continued to climb today after the company said its major shareholder has been approached by parties interested to acquire stake in the company, as well as to possibly form joint ventures.

The stock rose as much as 31.5% to touch an intraday high of RM1.21 in early trade. At 2.43pm, Grand Hoover shares were up 19 sen or 20.65% at RM1.11, with 6.37 million shares done. Its market capitalisation stood at RM47.2 million.

In the morning session, the stock was trading between 96 sen and RM1.21.

Yesterday, Bursa Malaysia slapped the company with an unusual market activity (UMA) query after its counter hit its multi-year high, having gained the maximum one-day limit of 30 sen or 48.39%; and it was the fourth biggest gainer on Bursa before trading of its shares were halted ahead of market close.

"Our major shareholder and certain directors have been approached by a few parties to express interests in acquiring a substantial stake in the company as well as to explore any possible joint venture with the company on certain business opportunities," it said in the UMA reply yesterday.

"However, the discussions with the various parties are still preliminary at this juncture and no agreements or conclusions have been made insofar on the discussions," it added.

Grand Hoover is principally engaged in trading and distribution of sanitary wares, fitting for pipes and ceramic tiles, but has also included property development into its portfolio.