Grand Hoover shares rise 29.35% on interest in substantial stake

PETALING JAYA: Grand Hoover Bhd’s share price rose 29.35% this morning on news of interest from several parties to acquire a substantial stake in the company.
At 11.25am, the stock was 29.35% or 27 sen higher at RM1.19 with a total of 5.43 million shares traded, making it one of the top most actively traded stocks this morning.
The stock rose 48.39% or 30 sen to hit limit up and close at 92 sen yesterday with 5.99 million shares done, before trading in the stock was halted at 4.18pm. Trading in its shares resumed this morning.
The company was issued unusual market activity query by Bursa Malaysia yesterday over the sharp rise in its share price recently. Its share price jumped from 43 sen on Monday to 72 sen on Wednesday.
In response to the query, the company said its major shareholder and certain directors have been approached by a few parties who expressed interest in acquiring a substantial stake in the company as well as to explore any possible joint venture with the company on certain business opportunities.