BSL Corp draws UMA probe as share price hits fresh highs

This is the 3rd UMA question made to E&E manufacturer this year

by SHAFIQQUL ALIFF / pic credit: ANNUAL REPORT

BSL Corp Bhd shares closed limit-up for the second consecutive trading day after the counter was issued an unusual market activity (UMA) query by the exchange yesterday.

BSL Corp share price jumped to a new high of RM2.43 in the morning session and edged lower in the afternoon session before closing the day limit-up at RM2.43 or 56 sen or 30% higher in the day.

The company stated that it was not aware of any corporate development or report or rumours that may have contributed to the sharp spike in share price value.

The electrical and electronics (E&E) manufacturer also closed limit-up at RM1.87 last Friday after a share split exercise.

The share price rise comes as substantial shareholders BMC Alliance Bhd and Cita Realiti Sdn Bhd bought more shares in the company, based on recent filings to the exchange.

BCM bought about 244,000 BSL Corp shares on Nov 1 and 2 to raise its stake 10.01% while Cita Realiti bought 530,000 shares on Nov 2 and 3 to take its stake in BSL Corp to 6.94%.

This is the third UMA question made to BSL Corp this year, after similar queries on Jan 7 and Sept 13 in response to a sharp increase in the group’s share price and trading volume.

Responding to the previous enquiry, BSL Corp had stated that it was in the process of negotiating to acquire Singapore-based SD Unify Pte Ltd.

BSL Corp announced a proposed corporate exercise on Sept 7 intended at strengthening its exposure to the semiconductor industry.

The company anticipates that its sector will soon be categorised as Technology — Semiconductors.

BSL Corp is a manufacturer of precision metal parts and printed circuit boards, and is currently listed in Bursa Malaysia’s industrial products and services sector and hopes to transfer to the tech sector via its proposed acquisition of a “controlling interest” in SD Unify, which manufactures and repairs semiconductor foundry equipment.

BSL Corp posted a net profit increase of 25 times to RM9.3 million for the financial year ended Aug 31, 2021, versus a net profit of RM370,000 it made a year earlier.

Revenue for the year increased 16.3% year-on-year to RM159.49 million.

As part of its corporate exercise, every BSL Corp share was split in two on Nov 8.