KUALA LUMPUR (May 18): Property developer Y&G Corp Bhd’s share price hit limit up for the second consecutive day today after the counter rose as much as 30 sen or 34.88% to RM1.16 in morning trade on Bursa Malaysia. The stock’s trade volume spiked to above 100,000 shares.

At 9.52am today, its share trade volume stood at 135,000 units, compared with 86,900 yesterday when its share price hit limit up after rising 30 sen to 86 sen.

The reason behind Y&G’s share price and volume rises could not be immediately ascertained as at the time of writing.

At RM1.16, Y&G has a market capitalisation of about RM253.44 million based on the company’s 218.48 million issued shares.

Y&G’s latest Bursa filing was filed last Wednesday, when the company said it on that day applied with Bursa for a further extension of time of six months from May 15, 2021 to Nov 14, 2021 to comply with the regulator's public shareholding spread requirement of at least 25% for listed companies in Malaysia.

Based on Y&G’s record of depositors as at April 23, 2021, the public shareholding spread of the company stood at 22.83%, which was below the minimum public shareholding spread requirement, according to Y&G.

Y&G said in its latest annual report, filed with Bursa on April 30, 2021, that the future holds exciting opportunities as well as uncertainty as the company contends with the economic impact of the Covid-19 pandemic.

The property developer said its current unbilled sales stood at RM99.3 million, providing good earnings visibility for the company. 

"On top of that, our land bank, currently about 82.4ha (203.61 acres), is sufficient for the group to sustain our momentum moving forward.

"Prudent financial management would be a key to ride this crisis out and sustainability would be an utmost priority. At the same time, [we are] looking out for any potential growth opportunity,” Y&G said.