KUALA LUMPUR (Nov 2): Perak Transit Bhd shares scaled to a new high of RM1.16 on Wednesday (Nov 2), after closing at an all-time high of RM1.07 on Tuesday, following the entrance of investor Datuk Eddie Ong Choo Meng as the company’s substantial shareholder since Friday (Oct 28).
Ong, the chief executive officer of Hextar group, raised his stake in Perak Transit for the second time this week. According to a bourse filing on Wednesday, Ong acquired 3.16 million shares on Tuesday and 1.6 million shares on Wednesday.
He currently has a 7.6% direct interest or 53.16 million shares in the Ipoh-based transport terminal and bus operator, up from 6.923% earlier.
Shares of Perak Transit were up 8.41% or nine sen, with 20.88 million shares exchanging hands. The counter had traded between RM1.08 to RM1.18 intraday.
Notably, Perak Transit’s latest trading volume was the highest since Feb 22, 2021 at 22.96 million.
Year-to-date, the counter gained 100.13% from 58 sen.
At RM1.16, Perak Transit has a market capitalisation of about RM818.87 million, on its way to achieving the group’s founder and managing director Datuk Seri Cheong Kong Fitt’s goal of RM1 billion within the next three- to six months.
Cheong is the largest shareholder, with a direct stake of 17.43% and an indirect stake of 13.6%, through CBS Link Sdn Bhd (8.35%) and his wife Datin Seri Lim Sow Keng (5.25%).