IQ, Kwantas share prices finish up at intraday high

IQ, Kwantas share prices finish up at intraday high
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KUALA LUMPUR (Aug 28): IQ Group Holdings Bhd and Kwantas Corp Bhd share prices closed up at their intraday high, as investors weighed the former's first quarter financials and evaluated the latter's planned privatisation.

At 5pm, IQ, which manufactures lighting and security products, closed up 30 sen or 66.67% at 75 sen to hit limit up.
Meanwhile, oil palm plantation firm Kwantas rose 29.5 sen or 34.5% to RM1.15.

Yesterday (Aug 27), IQ reported that net profit stood at RM1.78 million for the first quarter ended June 30, 2020 versus a net loss of RM3.14 million a year earlier.

IQ said revenue rose to RM38.86 million from RM30.43 million. Its latest-reported net assets per share stood at RM1.40.

Meanwhile, the buying frenzy in Kwantas shares started yesterday (Aug 27), following Kwantas' announcement on Wednesday (Aug 26) that the company received a letter from major shareholder Kwan Ngen Wah, who requested Kwantas to undertake a selective capital reduction and repayment (SCR) at RM1.65 a share.

Kwan said in his letter to Kwantas directors that he wrote the letter to submit his proposal to privatise Kwantas via the SCR.

Edited by Chong Jin Hun