KUALA LUMPUR: Shares in Y&G Corp Bhd surged over 17% despite the lack of strong positive news.
The property developer jumped 17.19%, or 22 sen to RM1.50, its highest in about seven weeks.
Y&G has not made any announcements on Bursa Malaysia apart from its public shareholdings spread (PSS) on June 18.
It said Bursa Securities has, vide its letter dated June 17, rejected the Company’s extension of time application to comply with the PSS Requirement.
The company said it has taken steps to increase the PSS of the company.
As at May 18 was 22.83% hence, having a shortfall of 2.17% or approximately 4.75 million shares from the PSS Requirement.
In the first quarter ended March 31, Y&G posted a net profit of RM1.48mil against a net loss of RM1.02mil a year ago.
Its revenue for the quarter jumped 69.9% to RM12.6mil from RM7.44mil previously.