KUALA LUMPUR (April 23): Freight Management Holdings Bhd, whose share price soared to a record high of RM1.96 today, has been queried by Bursa Malaysia on an unusual market activity (UMA).
The stock soared 29.8% or 45 sen today to RM1.96. Trading volume ballooned to 12.78 million shares. Today's sharp rise has added RM125.66 million to the company's market capitalisation of RM547.28 million.
In a bourse filing, the local bourse asked the international freight services provider to explain if there are any corporate developments that have not been previously announced that could have accounted for the greater trading activity.
The company announced a one-for-one bonus issue on Monday. The news did result in the group's share price rising 3.45% or five sen the following day. On Wednesday its share price moderated, before picking up steam on Thursday.
The group's net profit climbed 61.41% to RM6.65 million for the second quarter ended Dec 31, 2020 (2QFY21), from RM4.12 million a year ago, on the back of higher revenue.
Its quarterly revenue rose 15% to RM170.69 million, from RM148.44 million a year ago, mainly due to an increase in business activities in international freight and domestic logistics.
The group declared a second interim single-tier dividend of two sen for 2QFY21.