K-Star shares continue to rise on news to diversify into construction
16 Oct 2017 / 11:14 H.
PETALING JAYA: K-Star Sports Ltd's share price continued to rise by 7.14% this morning, after announcing its plans to diversify into the construction industry to secure more projects.
As at 10.41am, the stock stood at 7.5 sen with 591,300 shares changing hands. It has a market capitalisation of RM21.98 million.
The group, which is involved in the designing, manufacturing and distribution of sports footwear, said the new business may contribute more than 25% of its net profit in the future.
On another note, K-Star announced that it will be undertaking a placement of shares exercise to raise up to RM5.7 million, of which RM4 million will be used for its footwear business, and RM1.4 million for its construction business.