Quick take: Mudajaya active, jumps 52% in early trade

KUALA LUMPUR: Shares in MUDAJAYA GROUP BHD, which has remained fairly stable, surged as high as over 52% in early trade Wednesday.

Mudajaya, one of the most actively traded counters on Bursa Malaysia jumped 52.38%, or 11 sen to 32 sen with 10.6 million shares traded.

The group saw its shares worth RM62.81mil traded in an off-market transaction on Tuesday.

Stock market data showed 162 million shares were crossed at an average price of 38.7 sen.

The loss-making company has not made any corporate announcements recently apart from the appointment of Lee Eng Leong as executive director and resignation of Kang Boon Beng as chief financial officer.

Lee has been appointed as the person primarily responsible for the management of the financial affairs of the group on Oct 4.

In the second quarter ended June 30, Mudajaya posted a net loss of RM31.58mil against RM77.7mil in the same period last tear.

Its revenue for the quarter fell to RM86.05mil from RM301.37mil.

In the first six months, Mudajaya’s net loss narrowed to RM73.84mil against RM111.39mil in the same period a year ago. Revenue for the period stood at RM186.14mil from RM488.74 previously.

Source: TheStar