KUALA LUMPUR (Oct 21): WZ Satu Bhd rose as much as 16.2% as today is the ex-date for its shareholders to be eligible to receive free warrants from the company.
At 4.15pm, WZ Satu gained 29 sen or 13.8% to trade at RM2.39 with a total of 706,900 shares exchanged. Its market capitalisation is RM456 million.
Earlier, the stock rose as much as 34 sen or 16.2% to reach a high of RM2.44. The counter was the top gainer on the exchange.
On July 1, 2014, WZ Satu proposed the issuance of 95 million free warrants on the basis of one free warrant for every two shares held by its shareholders.
The proposed issuance was approved by its shareholders during its extraordinary general meeting on Oct 9, 2014.
WZ Satu manufactures and processes cold drawn bright steel shafting bars as well as trades other steel products. The group had recently said that it is looking to diversify into the oil and gas sector to pave the way for its long-term growth.
The group posted a net profit of RM8.04 million for the three months ended July 31, 2014, on revenue of RM62.69 million.