PIE Industrial surges to record high on share split plan

In a filing with Bursa Malaysia yesterday the electronics manufacturing services (EMS) provider said the improved performance was mainly attributable to higher demand from existing customers for electronics manufacturing activities, raw wire & cable products and trading.

KUALA LUMPUR: P.I.E. Industrial Bhd's share price surged to a record high of RM14.10 on Wednesday as investors were upbeat on its share split plan.

At 3pm, it was up 54 sen to RM13.68. There were 24,100 shares done at prices ranging from RM13.50 to RM14.10.

The FBM KLCI rose 4.29 points or 0.25% to 1,719.29. Turnover was 1.14 billion shares valued at RM1.01bil. There were 369 gainers, 375 losers and 383 counters unchanged.

PIE provides a one-stop contract electronic manufacturing service for the computer, electronics and telecommunication industries, including assembly of various cables. and it also tests various electronic products including bar code scanner assembly, PCB assembly.

It had proposed a one-into-five share split which it said was expected to improve the liquidity of its shares by increasing the number of shares in issue. 

“Furthermore, the adjustment in market price of PIE shares pursuant to the proposed share split is expected to result in the split shares being more affordable in order to appeal to a wider group of public shareholders and investors,” it said.

As at April 4, the paid-up was RM76.808mil comprising 76.808 million shares. Upon completion of the share split, the number of shares would be 384.04 million.
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