Axteria shares soar 43pct on five-year high trading volume

KUALA LUMPUR: Shares of Main Market-listed Axteria Group Bhd surged more than 40 per cent this morning, with trading volume hitting its highest level in at least five years within the first hour.

At 9.54am, the stock was up five sen or 35.71 per cent, with 32.12 million shares changing hands. It was the second most actively traded counter on Bursa Malaysia.

The Johor-based property developer opened 1.5 sen or 10.71 per cent higher at 15.5 sen before climbing as much as six sen or 42.86 per cent to 20 sen, a level last seen in 2023.

There were no fresh corporate announcements from the company to explain the sudden buying interest.

Its latest announcement on Oct 22 concerned a proposed private placement, for which Bursa Malaysia Securities Bhd had approved the listing of up to 78.84 million new shares.

The placement, representing 10 per cent of Axteria's issued shares excluding treasury shares, is expected to raise about RM7.4 million based on an illustrative issue price of 9.38 sen per share.

Axteria is also pursuing the proposed acquisition of an 80 per cent stake in construction firm Niaga Sari Sdn Bhd for RM35 million in cash to strengthen its construction capabilities and support its property development business.

Niaga Sari has an order book of RM567.4 million and is providing a profit guarantee of RM9.2 million over two years, according to Axteria's earlier announcement.

Formerly known as Acoustech Bhd, Axteria is principally involved in property development and construction, having shifted away from its original audio speaker manufacturing business.