KUALA LUMPUR: Eduspec Holdings Bhd saw its shares surged in early trade Monday, but it wasn’t clear what drove the sudden rush.
The education services provider jumped 50%, or 1.5 sen to 4.5 sen. It is the most actively traded counter with 54 million shares traded.
In January, the board of Eduspec Holdings Bhd has proposed to undertake a capital reduction to cancel RM107.31mil of its paid-up share capital to offset accumulated losses.
This exercise is expected to rationalise its financial position by reducing the accumulated losses via cancellation of the paid-up share capital which is lost or unrepresented by available assets.
On March 29, the company announced the resignation of its director Liew Chee Keong due to other work commitments. It has also appointed Su Keong Siong as non executive director.