Hot Stock TMC Life Sciences surges to one-year high of 46 sen

by **Cals** Thu 17 Jul 2014, 04:52

Hot Stock TMC Life Sciences surges to one-year high of 46 sen

Business & Markets 2014

Written by Levina Lim of theedgemalaysia.com

Wednesday, 16 July 2014 15:21

KUALA LUMPUR (July 16): The hardly traded TMC Life Sciences Bhd saw its share price hit a one year high of 46 sen today, with trading volume rising almost 20 fold on Monday.

The stock saw active trade rising by 12.2% to 46 sen at 2.30pm, from 41 sen last Thursday. Its trading volume as at 3pm, stands at 11.2 million shares, compared to merely 0.6 million shares the day before (Monday).

Its warrant was also among the top ten traded counter, at 7 sen, up 2.5 sen or 55.5%, with 37.19 million units traded.

On Monday, a total of 39.87 million TMC shares, representing 4.97% (which is near the substantial shareholder bare minimum of 5%), were crossed off-market at 40 sen each — a 5.88% discount to TMC Life Sciences’ closing price of 42.5 sen that day.

Bloomberg data indicated that TMC’s two largest shareholders are Gilberta Investments Ltd (with a 32.59% stake) — which is the investment vehicle of Singapore businessman Peter Lim, and Tan Sri Vincent Tan’s Berjaya Corp Bhd (32.27%).

According to a remisier, the strong interest over the stock is fuelled by the off market transaction. “The market is playing into that. Based on today’s volume and momentum, it may go up further,” he said.

The company’s profit shrunk 38.5% to RM1.74 million for the third quarter ended Feb 28, 2014, from RM2.8 million in the previous corresponding quarter, on the back of revenue of RM22.1 million.