KUALA LUMPUR (Oct 27): Rapid Synergy Bhd’s share price closed at a record high on Wednesday (Oct 27) after the precision tool manufacturer and property investor's share price climbed as much as 15 sen or 1.56% to RM9.75 in Bursa Malaysia trade.

At 5pm, Rapid Synergy saw 62,400 shares traded after the stock was transacted at between RM9.30 and RM9.75.

At RM9.75, Rapid Synergy has a market value of about RM1.05 billion based on its 107.49 million issued shares.

Reasons behind Rapid Synergy’s share price rise could not be immediately ascertained as at the time of writing.

Year-to-date, the stock’s closing price had risen to the current level from its finishing price of RM6.59 on Jan 4, 2021. 

According to Rapid Synergy's website, the company undertakes precision tool-making operations via its wholly-owned subsidiary Rapid Precision Technologies Sdn Bhd.

"Rapid Precision Technologies is a Malaysia-based high-precision tooling specialist with over 30 years of experience in the industry. Our beginnings date back to 1981, when we were one of the pioneers in the precision tool-making industry in Malaysia. 

"We achieved rapid growth for the past 20 years and today, we are one of Southeast Asia's forerunners in design to manufacture of high-precision tooling products. We will continue to focus on our specialities and expertise for the future,” said Rapid Synergy, the investment properties of which comprise properties in Perak, Kuala Lumpur and Penang.