Opcom's share price hits record high of RM1.66 as Eddie Ong ups stake

Opcom's share price hits record high of RM1.66 as Eddie Ong ups stake
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KUALA LUMPUR (Oct 8): Shares of Opcom Holdings Bhd hit a record high of RM1.66 on Friday after businessman Datuk Eddie Ong Choo Meng upped his stake in the fibre optic cable manufacturer.

Bursa Malaysia filings on Oct 1 and 4 showed that Ong, the largest shareholder of the company, acquired a further 19 million shares or 8.3% equity interest in the open market, bringing his total shareholding in Opcom to 38.2 million shares or 16.6% equity interest.

The stock rose 13.7% to hit an intraday high of RM1.66 in early trade on Friday with 59.76 million shares changing hands.

Notably, Ong is also a major shareholder of other listed companies such as Hextar Global Bhd, SCH Group Bhd, Rubberex Corp (M) Bhd, SWS Capital Bhd before his move into Opcom.

Ong acquired Opcom shares at 84 sen apiece, for a total of RM20.69 million, on Feb 10 after Datuk Seri Mukhriz Mahathir, son of former prime minister Tun Dr Mahathir Mohamad, ceased to be a substantial shareholder of the fibre optic company — which the latter co-founded in 1994 — after disposing of 24.63 million shares, or a 15.28% stake, in it.

As at 10.56am, Opcom pared its gains to stand at RM1.60, valuing the company at RM306.68 million.

Surin Murugiah