Shares of Perak Corp Bhd jumped 61 sen in the morning session, up 17.5 sen or 40.23% from closing at 43.5 sen yesterday.
The increase was driven by the company's announcement regarding its debt restructuring plan.
At 9.34am, the stock rose slightly to hit 53.5 sen, still up 10 sen or 22.99%. and was the highest recorded since May 6, 2019 when it closed 55 cents.
This morning's trading session also showed a total of 1.93 million shares of the company changed hands.
Profits recorded by Perak Corp put it in second place in the list of the most profitable counters to date.
Yesterday, the company announced a restructuring plan with its creditors involving a cash settlement worth more than RM220 million, issuance of shares amounting to more than RM30 million, a debt exemption proposal of RM544.55 million and future settlement through the company's recovery plan.
Perak Corp also reportedly sold four plots of land to the Social Security Organization (Socso) worth RM78.68 million to settle part of its debt.
Perak Corp added that the debt settlement effort was part of the company's plan to exit PN17 status.
A total of RM70.81 million from the sale proceeds will be used for bank loan repayment and the balance will be used as working capital requirements.
The creditors involved in the Perak Corp debt settlement scheme are Affin Islamic Bank Bhd, CIMB Bank Bhd, Affin Hwang Investment Bank Bhd, Bank Pembangunan Malaysia Bhd and Malaysia Debt Ventures Bhd.
