Teck Guan Perdana unaware of reasons for share price spike

PETALING JAYA: Teck Guan Perdana Bhd said it was unaware of reasons that could have contributed to the recent spike in its share price after its announcement of stellar financial results.

In response to Bursa Malaysia’s unusual market activity query last Friday, the oil palm and cocoa firm said it is in compliance with Bursa Securities Listing Requirements, in particular Paragraph 9.03 on immediate disclosure obligations.

Teck Guan’s share price saw a significant rise from last Tuesday and hit limit-up of RM1.78 on Wednesday and Thursday. Bursa Malaysia then froze its share price at RM1.78.

Over the past week, the price has soared 83%. It closed up 16 sen or 8.99% at RM1.94 last Friday on 1.9 million shares done.

Teck Guan saw its net profit for the second quarter ended July 31, 2016 surge more than twofold to RM6.33 million from RM2.59 million in the previous corresponding period, thanks to higher selling prices, sales volume and favourable currency exchange rate. This brought its first-half net profit to RM7.66 million, 41.2% higher than RM5.43 million a year ago.