Bursa queries BSL Corp after surging to record high

KUALA LUMPUR: Bursa Malaysia Securities has queried BSL Corporation after its share price surged to a record high of RM2.43 in the morning session on Monday.

At midday, it had jumped 55 sen to RM2.42. There were 7.1 million shares done.

The share price had surged from 61 sen on Sept 3.

In mid-September, it announced a proposed corporate exercise aimed at increasing its exposure in the semiconductor industry, expects to have its sector reclassified to Technology – Semiconductors soon.

The precision metal part and printed circuit board maker is currently placed in Bursa Malaysia’s Industrial Products and Services sector.

BSL Corp said it would boost its exposure in the semiconductor sector via the proposed acquisition of a “controlling interest” in Singapore-based SD Unify Pte Ltd, which makes and repairs semiconductor foundry equipment.

To recap, the company announced on Sept 6 that it had inked a three-month memorandum of understanding to negotiate the purchase of an unspecified equity interest in SD Unify for a consideration sum to be agreed on later.

BSL Corp said the exercise would enable it to market its products and services to the big semiconductor players that are part of SD Unify’s customer base.

It plans to increase the production capacity of its existing semiconductor division via a private placement.

BSLCorp noted that following the Sept 6 announcement, its shares surged 30% in a single day (limit-up) twice – on Sept 6 and 13.

On Sept 13, Bursa Malaysia issued an unusual market activity query on the sharp rise in the company’s share price and volume.

In the latest development, Bursa Securities told investors to take note of the Company’s reply to the above unusual market activity (UMA) query.

Bursa Securities also said in order for investors to be able to make informed investment decisions, BSL was directed to enquire with the directors, major shareholders and such other relevant persons on the reason for the UMA.

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