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Hot Stock Kossan top gainer after chief says ready for share buyback
by Cals Fri 11 Mar 2016, 01:29
- Hot Stock
[size=28]Kossan top gainer after chief says ready for share buyback
By Chong Jin Hun / theedgemarkets.com | March 10, 2016 : 11:52 AM MYTKUALA LUMPUR (March 10): Kossan Rubber Industries Bhd rose 32 sen or 5% after managing director and chief executive officer Datuk Lim Kuang Sia said the rubber glove manufacturer was ready to buy back its shares.
At 11:32am, Kossan was traded at RM6.52 for a market capitalisation of RM4.17 billion. The top gainer on Bursa Malaysia saw 660,300 shares transacted.
Bloomberg quoted Lim as saying in an interview that Kossan was ready to buy back its shares for the first time in five years, after a rebound in the ringgit sent the Malaysian exporter’s stock plunging from a record reached in December.
He said the 35% slump in the shares had prompted the company to consider a buyback, and investors with a long-term horizon should also consider snapping up the stock, as it is “already low right now.”
Lim also said the company was seeking acquisitions and expects another record profit this year.
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