Ipmuda Bhd's share price jumped 33 sen or 17.65% to a high of RM2.20 during the trading session on Bursa Malaysia this morning.
The increase came after the company announced several corporate measures including a special dividend of 30 sen per share and a 'bonus issue' of 101.46 million new shares.
The highest share price recorded gave the company's market value around RM223.21 million based on 101.46 million Ipmuda share issues.
Selling pressure occurs quickly after investors act to take profits. At 9.47am, the counter traded at RM1.86 with 4.73 million shares traded.
Trading in Ipmuda shares resumed today after being suspended from 12.21pm on Thursday until 5pm on Friday, following the announcement of the company's corporate move.
Last Friday, Ipmuda announced several corporate measures, including the proposed sale of the company's property in Section 13, Petaling Jaya, Selangor for RM82 million.
In a filing to Bursa Malaysia, Ipmuda said the company had allocated RM30.44 million from the sale of the property to pay special dividends to shareholders.
Meanwhile, Ipmuda proposed a bonus issue of 101.5 million shares on the basis of one bonus share for each existing Ipmuda share along with 152.2 million free separable warrants on the basis of three warrants for each existing warrant holding.
Apart from that, Bernama reported, Ipmuda will also submit a proposed issuance of 101.5 million disposable rights on the basis of one right per share of the existing group at an issue price of 30 sen per share which can raise RM30.4 million.