Hiap Teck breaches 40 sen mark on loan stocks conversion

PETALING JAYA: Steel pipe maker Hiap Teck Venture Bhd’s continued to attract investors’ interest yesterday, with the stock gaining 3.9% on the announcement of the conversion of its loan stocks into shares.
The company told Bursa Malaysia yesterday 7.244 million shares would be introduced into the market today at an issue price of 50 sen.
Hiap Teck shares closed at 40 sen with some 43 million shares changing hands making it the third most active counter yesterday.
The company’s shares, on the uptrend since late May, breached the 40 sen mark yesterday bouyed by a big jump in profits and news of the conversion of its loan stocks into shares.
Hiap Teck announced last week that net profit more than tripled to RM31.94 million in the third quarter ended April 30, 2017 (Q3’FY17), from RM10.6 million in the same period last year, due to improved margins.