KUALA LUMPUR: Shares of Yinson Holdings Bhd surged to an all-time high of RM4.34, extending its rally following the proposed entry of Datuk Mokhzani Mahathir-linked Kencana Capital Sdn Bhd as a substantial shareholder.
At 10.20am, Yinson was up 34 sen to RM4.34 with 838,700 shares done, which was a hefty RM1.52 above the placement price of RM2.82.
The FBM KLCI was up 4.25 points to 1,773.85. Turnover was 393.06 million shares valued at RM322.34mil. There were 332 gainers, 152 losers and 227 counters unchanged.
Shares of Yinson had rallied after it proposed to issue and place out new shares to Kencana Capital at RM2.82 each, to be paid for in cash. The new shares would not exceed 15% of Yinson's enlarged share capital of 220.4 million shares.
The exercise allowed it to finance potential acquisitions of business entities or assets that it was currently identifying, Yinson had said.
Kenanga Investment Research had an Outperform on the company with target price of RM3.78 on June 3.
At RM4.34, it is trading at a trailing price-to-earnings (PE) of 25.05 times.
In the financial year ended Jan 31, 2013, Yinson had short-term borrowings of RM309.05mil while its receivables were RM289.80mil.