KUALA LUMPUR: Shares of MCE Holdings Bhd
jumped 15% in early trade Friday following the emergence of Creador founder Brahmal Vasudevan as a substantial shareholder.
The automotive parts and accessories manufacturer rose 14.62%, or 25 sen to a a record RM1.96. The counter has risen almost 25% in the last five days.
Brahmal, via Creador Conscienta Ltd, had acquired 100,000 shares in MCE, which pushed it beyond the 5% threshold necessary to be deemed a substantial shareholder.
The purchase raised Brahmal’s shareholding in the company to 6.2 million shares or a 5.02% stake.
In the second quarter ended Jan 31, 2024, MCE Holdings reported a net profit of RM4.5mil compared with a net profit of RM4.25mil in the previous corresponding period, while revenue rose to RM40mil from RM39.13mil previously.
