KUALA LUMPUR (Oct 11): Key Asic Bhd, whose shares reached a seven-year high today and was the most active counter on the local stock exchange, revealed that it is in the midst of "undertaking a corporate exercise".

The details of the exercise, however, have not been finalised yet at this juncture, it said in a brief Bursa Malaysia filing.

“The company will make the necessary announcements to Bursa Malaysia Securities Bhd in the event we proceed with the said corporate exercise,” its filing read.

Shares in Key ASIC shot up 10.5 sen or 63.64% to close at 27 sen, after 248.78 million shares were traded.

The company specialises in the design and manufacturing of chips and systems for the products involving the Internet of Things.