KUALA LUMPUR (April 23): Freight Management Holdings Bhd said it is not aware of any reasons for the steep rise in its share price, which reached a record high today.
The international freight services company said it is not aware of any corporate developments, rumours, reports and/or any other reasons that could account for the recent spike in its share price.
Freight Management was responding to an unusual market activity (UMA) query from Bursa Malaysia today.
The stock soared 29.8% or 45 sen today to RM1.96. Trading volume ballooned to 12.78 million shares. Today's sharp rise added RM125.66 million to the company's market capitalisation of RM547.28 million.
The company announced a one-for-one bonus issue on Monday. The news resulted in the company's share price rising five sen or 3.45% the following day. On Wednesday its share price moderated, before picking up steam on Thursday.
Freight Management's net profit climbed 61.41% to RM6.65 million for the second quarter ended Dec 31, 2020, from RM4.12 million a year ago, on the back of higher revenue.
Quarterly revenue rose 15% to RM170.69 million, from RM148.44 million, mainly due to an increase in business activities in international freight and domestic logistics.
The group declared a second interim dividend of two sen.