Hot Stock Ingress jumps 5% ahead of suspension

Hot Stock Ingress jumps 5% ahead of suspension
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 16 April 2013 13:02


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KUALA LUMPUR (April 16): Ingress Corp Bhd jumped as much as 5% to become the fourth-largest gainer ahead of trading suspension of shares in the automotive-component manufacturer today.

Trading of shares in Ingress has been suspended since 11.59am pending an announcement, the firm said in a statement to the exchange.

The stock had risen eight sen to its intraday high of RM1.64 with some 1.6 million shares done.

At yesterday's closing price of RM1.56, the stock was traded at a discount of 44% to its latest reported book value of RM2.77 a share.

Ingress had posted a lower net profit of RM20.15 million in financial year ended January 31, 2013 from RM22.15 million a year earlier. Revenue however rose to RM859.23 million from RM658.74 million.

Ingress was listed on the local bourse on March 9, 2001 at RM2.20 a share. Since its initial public offering, its shares had reached an intraday high of RM2.68 on April 30, 2002 and a low of 14 sen on April 30, 2009, Bloomberg data show.

The stock had traded at an average of about RM1.15 since listing.